GOLD Analysis – Gold Continues to Roll at 2023 Lows!


 The market movement at the end of the week remains uncertain with the focus of investors will be on the release of personal spending data of consumers in the United States (US) in the New York session tonight.

The US dollar is seen to still maintain its strengthening pattern, but has lost momentum for trading these days as investors remain wary of a somewhat mixed market direction.

The change in the value of the US dollar will affect the movement of the gold market which is observed to display a horizontal movement throughout this week.

On the XAU/USD chart, which measures the value of gold against the US dollar, it has seen a slow downtrend, showing no aggressive movement this week.

Since Thursday yesterday, the price has moved below the important level of 1830.00 which is now a resistance for the price.

The trend remains bearish with the price hovering below the Moving Average 50 (MA50) barrier level on the 1-hour time frame of the XAU/USD chart.

Until resuming trading to the European session today, the price is flat above the 1820.00 level which is the lowest zone for the 2023 trade which was also hit by the price last week.

A further drop in price will be expected if a decline below that level occurs.

The price of gold will record a new low again with the next target to reach around 1800.00.

However, it is not impossible if at the end of this week we see a sudden surge by gold to be back above the 1830.00 level.

The continued rise will test the weekly resistance around 1845.00 before going to the important resistance zone at 1870.00.