The movement of gold prices was seen to be more flat in Tuesday's trading last night compared to the significant decline that was exhibited on Monday at the market opening earlier this week.
After the price made a comeback back to the $1,900 support level, the price was flat for several sessions thus continuing into the European session this evening around the zone.
As price movements on the XAU/USD chart measure the value of gold versus the US dollar, prices have dropped from 1950.00 levels last Thursday to 1900.00 levels earlier this week.
Although the price movement is flat at the level of 1900.00, the analyst is still assessing the price movement in a bearish trend where the price is still moving below the resistance level of the 50 Moving Average (MA50) on the 1-hour time frame.
While the price is still not giving any clues for a change in trend, the expectation is for the price to continue to continue its decline lower below the 1900.00 level.
For the next decline, the support zone at 1870.00 is seen as the pedestal that the price will test.
A dip into the zone would also set a fresh 10-week low for gold trading.
However, if 1900.00 becomes the support zone for the price to jump back up again, the target for the increase will return to the level of 19500.00 in last week's price plunge.
The increase that continues after the change in the bullish trend will push the original price of gold to reach a high of 2000.00.
