Gold seems to be shining even more at the opening of the third quarter of this year when its price recovered from the previous continuous fall.
Driven by the weak movement of the US dollar following gloomy US manufacturing sector survey data, gold took advantage of the space to increase its value in the market.
Investors are watching price movements on the XAU/USD chart which measures the value of gold against the US dollar earlier this week.
After a surge in price from the 1900.00 zone, the price slowed for a while below the 1920.00 level which became a resistance for further increases.
Holding above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart, the price of gold showed a surge in yesterday's New York session passing the resistance at 1920.00.
The price that reached the height of 1930.00 however retreated again to close the trade at the end of the session slowly around 1920.00 again.
Starting the trading session of Asia today (Tuesday) slowly, the price tried to continue to rise again until it entered the European session but did not show such a significant movement.
If the price increase continues beyond yesterday's highs, the next gold price is seen to test the 1940.00 zone before climbing again to the next concentration zone at 1950.00.
However, if this rising pattern fails to be maintained, investors need to prepare for a further fall in gold prices for the bearish trend of the previous weeks to continue again.
The price drop if it passes the 1920.00 level will then move lower towards the support zone at 1920.00.
Extending the decline beyond that important zone would expect the price of gold to fall to around 1870.00.
