Last weekend saw the gold commodity trade weak to hit the latest low since early 2022 after beating a record in May.
Last Friday's New York trading session, it can be seen that the US dollar failed to maintain the strengthening momentum that may be influenced by profit taking activities (profit taking) by investors as well as opening room for gold to rise again.
Also influencing the movement of gold in the same session, the release of US manufacturing PMI data of the ISM survey which recorded a lower -than -forecast figure has seen a price rebound in last week’s trading session.
The US NFP employment report and the minutes of the FOMC policy meeting will be the main focus of investors this week which will determine the next movement of the US dollar which will also affect the golden yellow metal.
Note the price movement on the XAU/USD chart which measures the value of gold against the US dollar, seen the price has initially plunged lower past the 1800.00 level and reached the 1785.00 zone recording the latest 5 -month low.
However, continuing trading towards the end of the New York session again showed a price rebound above the 1800.00 zone and closed the trade around the 1807.00 level.
Continuing trading at the market opening earlier this week, in the Asian session to the European session today (Monday), the price was seen moving horizontally around last week's closing level, but signaling a bullish movement after the price started moving above the Moving Average 50 support level. (MA50) on the 1 -hour time frame on the XAU/USD chart.
If the price continues to decline like last week's movement pattern, the price of gold will decline even lower with the next target to test the support zone of 1785.00 which was reached last Friday.
And for expectations for a continued decline, the price could potentially hit up to the 1760.00 level if gold continues to experience a continuous fall this week.
Judging by the pattern of gold's decline last week, it is difficult for investors to expect a price increase in the near future, but it is not impossible that the situation will happen after the price managed to show a surge at the close of last week's trading.
If the gold price manages to make a rise past the 1815.00 zone, a higher rise will be expected after a clearer signal of a bullish movement of the gold price.
Further upside, the price is seen to re -test the resistance of 1830.00, between the levels that have been an important focus before and the possibility of higher levels can be reached by gold.
