Once again gold managed to reach the $2,000 level for the week during trading in the New York session yesterday after reaching it earlier in the week.
There is still no significant change that can be observed in the development of the crisis that has hit the market which has made the US dollar continue to move gloomy.
If this continues, gold continues to have the potential to increase its value to higher levels based on the Federal Reserve's (Fed) monetary policy outlook following the recent FOMC meeting.
Looking at the XAU/USD price chart which measures the value of gold against the US dollar, the price increase continued on Thursday yesterday until it reached the 2000.00 level again.
Prior to that, the price had leveled off below the 1950.00 level before the surge started during the reaction to the FOMC meeting.
A bullish signal was assessed by gold investors when the price started to move above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart yesterday.
However, after the price just touched the 2000.00 level, the price retreated again with a slow downward slide to resume trading today (Friday).
If the price still holds above the MA50 level, it is likely that the price increase may continue in these final sessions.
However, the level of 2000.00 which is an obstacle for the price needs to be broken for the price of gold to escape to a higher level.
The next target is to reach 2070.00, which was last touched last February 2022.
However, if the price fails to break through the 2000.00 level, a price drop could occur, possibly heading back to the concentration zone at 1950.00.
Then the price that continues to decline lower can reach again around the 1900.00 level.
