There was no significant change in the previous movement, gold commodity prices are still seen moving flat since the beginning of the week as investors remain vigilant awaiting the FOMC meeting which is the main event of the market this week.
The US dollar managed to show strengthening on Tuesday yesterday due to the lowering of the global economic growth forecast by the IMF as well as several other factors that put pressure on the global market, although the United States (US) consumer confidence data was published in the New York session with lower figures than expected.
Pay attention to the price movement on the XAU/USD chart which measures the value of gold against the US dollar, in the Asian trading session yesterday the price made a jump of around 100 pips, however, the increase failed to continue and the price was seen to shrink again below the concentration level of 1720.00 until the end of the New York session yesterday.
Continued trading in the Asian session this morning, the price is still moving horizontally below the 1720.00 level with the Moving Average 50 (MA50) barrier in the 1-hour time frame on the XAU/USD chart signaling a bearish movement for gold.
But at the beginning of the opening of the European session, it was seen that the price started to rise again and managed to break through the MA50 barrier level and also hovered again above the 1720.00 level.
If the price of gold manages to continue its rise ahead of the approaching FOMC meeting, the price increase from the 1720.00 zone is likely to reach the 1760.00 barrier level after overcoming the high level of last week.
For the next price increase, a further increase for gold is expected to test the 1785.00 zone before heading to the 1800.00 concentration zone.
On the other hand, if the price shows a retracement below the 17200.00 level, the expectation for the price to continue the bearish trend movement will target the 1700.00 level to be tested.
After that, a lower decline for the price of the yellow metal is expected to shrink to the 1680.00 support zone after last week's decline failed to break through to a lower level.
