GOLD Analysis – Entering 5th Day Gold Still Has Not Passed $1,760


 Gold investors navigated the week's continued trading with trepidation as they watched price movements for the yellow asset remain flat.

Gold will continue to be driven by the movement of the US dollar currency in the market, but investors are still assessing the clear direction for the king of currencies due to several influencing factors.

Developments in China will drive changes in market sentiment and drive the direction of the US dollar, as well as being a driving force for the value of gold.

At the moment, investors are still cautiously awaiting the development in addition to being cautious ahead of some economic data focused on the United States (US) in the New York session shortly.

More in the spotlight is the speech by Federal Reserve (Fed) Chairman Jerome Powell early Thursday morning for guidance on the central bank's monetary policy.

The price on the XAU/USD chart since the end of last week continuing to the beginning of this week is seen to be flat below the 1760.00 zone until today.

The price which is also flat at the Moving Average 50 (MA50) level on the 1-hour time frame on the XAU/USD chart makes investors still waiting for the next direction of gold.

If a more clear surge is shown, a break through the 1760.00 resistance will further extend the rise towards the 1785.00 high zone tested in mid-November.

Next, the 1800.00 zone will return to focus again, besides the price of gold will also record the latest 3-month high.

However, if the 1760.00 zone still fails to be broken, the price decline could happen again for the price to return to the zone around 1735.00.

The continued decline will test the RBS (resistance become support) zone at 1720.00 after showing a bearish trend.