Gold's flat move entered a third day after the bearish pattern at the beginning of the week did not continue.
The strengthening of the US dollar due to the risky market sentiment at the beginning of the week has put pressure on the price of gold in the market, but the price movement started to level off while the market focused on the release of the United States (US) inflation data today.
It can be observed the price movement on the XAU/USD chart which measures the value of gold against the US dollar which is flat between the price zone range of 1660.00 and 1680.00.
Investors have also not received a clear direction of movement for gold with the price hovering around the Moving Average 50 (MA50) level on the 1-hour time frame on the chart.
Price resistance is still seen at around 1680.00 after last Tuesday's surge failed to break through to a higher level before bouncing back down to the 1660.00 zone which is a support zone for prices.
If the price manages to show a surge past the resistance of 1680.00, investors will evaluate it as an early signal for a bullish trend movement for gold.
A further move higher will touch the 1700.00 focus zone again before challenging last week's resistance zone at 1720.00.
Meanwhile, for the expectation of a lower gold price drop beyond the 1660.00 zone, the price is seen to be more likely to go to around 1640.00 to test the RBS (resistance become support) zone.
A further drop in price beyond the RBS 1640.00 zone will expect the price to reach the support zone again at 1615.00.
