Gold trade was gloomy at the end of last week when it failed to show recovery in the last session.
The data of the personal expenditure index of United States (US) consumers published increased has supported the strengthening of the US dollar which again pressured the falling price in the New York session.
Investors are now cautiously assessing the impact of the successful US debt ceiling deal development on current gold price movements.
A more pronounced reaction is likely to be seen for a few more sessions as banks remain closed on Monday.
The XAU/USD price chart which measures the value of gold against the US dollar shows an attempt to increase the price last Friday in the Asian session.
However, the price failed to cross the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart before shrinking back below the 1950.00 level.
The 1940.00 level is seen as a support for the price, but if the price continues to decline this week, the level will be exceeded.
The US dollar if it remains strong will drag the price of gold down to the lowest level in 11 weeks with the latest target for the price heading towards the concentration level of 1900.00.
Meanwhile, if the price successfully rises above the 1950.00 level again, the MA50 barrier will also be breached and will be a sign for the price to change direction.
A further move higher will be expected towards last week's resistance zone at 1980.00 before the rally continues to reach the important level at 2000.00.
