Continuing to shine and shine at the end of the week, the value of gold finally managed to soar to the level of $1,800.
Still driven by the same factors, the significant depreciation of the US dollar continued throughout Thursday's trading yesterday as the market digested the dovish statement by Federal Reserve (Fed) Chairman Jerome Powell.
In fact, further strengthening the prospect of slower interest rate increases at the December meeting, the economic data of the United States (US) published in the New York session yesterday displayed a gloomy reading.
Looking at the XAU/USD price chart which measures the value of gold against the US dollar, the price has surged past the resistance at the 1783.00 zone before reaching the 1800.00 concentration level yesterday.
The price moving above the Moving Average 50 (MA50) support level continues to suggest that the bullish trend will still be maintained.
However, the continued price movement today (Friday) is flat at the 1800.00 level from the Asian session to the European session while more aggressive movement is expected in the next session.
The increase in the price of gold if it continues higher after this will aim for a height of 1830.00 to record the highest level in the latest 6 months.
However, if the 1800.00 level limits further gains for gold, the decline could happen again and dash investors' hopes.
The initial drop will react at the 1783.00 zone before the drop continues lower towards the RBS (resistance become support) zone at 1760.00.
Going to the zone is also likely to have signaled a change in the bearish trend again for gold.
