Gloomy for gold commodity trading at the market opening earlier this week after seeing prices make a decline since yesterday's Asian session until the end of the New York session.
Indeed, the movement of gold continues to be influenced by the change in the value of the US dollar in the market since last week which is the focus of investors.
Although US dollar trading was rated somewhat mixed with a slightly limited strengthening, gold still received pressure to decline to lows.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price is seen to have started trading around the 1880,000 level and exhibited a decline throughout the day until returning to the support zone at 1850.00.
Investors complied for a lower fall in the value of gold after a bearish signal of the price moved below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the XAU/USD chart yesterday.
However, continuing the Asian session trading this morning (Tuesday), the price of gold is seen to show a rise again after the decline to the support zone of 1850.00 to the level around 1865.00.
Remaining hovering below the MA50 barrier, the rise in gold price is seen to test the resistance at the level of 1870.00 which has formed a minor SBR zone (support become resistance).
If the increase is successfully repeated beyond the 1870.00 zone, the focus will be on the 1900.00 zone which is expected to be price tested.
However, it is a concern for investors if the price of gold continues to fall below the 1850.00 zone.
The price could hit up to the lower focus zone at 1830.00 if the decline in gold prices fails to be contained again this week.
The US inflation data on Wednesday that will affect the US dollar is also expected to influence the current gold movement.
