Gold commodity trading will end the end of 2022 with a horizontal movement if there are no surprises in these last sessions.
Analysts have expected a gloomy market atmosphere in the last week with the operations of banks 'resting' for a while and the absence of high-impact economic data to move the market.
The development of China's economic opening and the risk of Covid-19 contagion are still being monitored by investors in the market to assess the pace of financial market movements in early 2023.
The XAU/USD price chart which measures the value of gold against the US dollar was watched by investors throughout the week despite the 'sweetness' in the price movement last Tuesday.
The price managed to jump to a new high of 1830.00 and then retreated again the following day.
However, the important zone of 1800.00 is seen to have managed to prevent the price from falling lower with a bullish pattern again exhibited on Thursday yesterday.
Until the end of the New York session, the price has reached around 1820.00 from that level to be the hovering price area until the European session this afternoon (Friday).
Being above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart is an early trigger for the expected bullish movement for gold.
However, the resistance level at 1830.00 needs to be broken first for a clearer signal for a bullish price trend.
For a higher increase if successfully continued, the next target is for the price to reach around 1850.00 and 1870.00.
Meanwhile, for the expectation of a price drop, the level of 1800.00 is seen to be tested and the price reaction in the zone will be evaluated.
If the price falls lower and breaks through the zone, around 1780.00 will be the price focus area before it is expected to continue the decline to the 1760.00 zone.
