GOLD Analysis – $2,000 Target, Gold Price Bullish Over the Last Week


 Gold trading has maintained an excellent performance in the past week with the pattern of rising prices continuing throughout the week.

Factors that are seen to put pressure on the US dollar currency have given the advantage to the value of gold to increase in the market.

The low yield of the United States (US) treasury has pushed the recovery of the price of gold which has experienced a fall for 2 weeks in a row before.

If the same situation continues this week, gold investors will see a further jump in the price of the yellow metal which is now aiming to reach the important level of $2,000.

Looking at the price movement on the XAU/USD chart which measures the value of gold against the US dollar, the price has jumped from the 1920.00 level at the beginning of the week to break through the 1950.00 level.

Then the increase continued until the high level of 1993.00 last Friday, but the price retreated slightly to close the trade in the last session of the week around 1980.00.

The price of gold opened low in the Asian session this morning (Monday) but bounced back with the price movement remaining in the 1980.00 zone until the New York session.

The Moving Average 50 (MA50) support level is being tested which is seen as still supporting the price to continue moving in a bullish trend.

If the rise continues, the price will surpass the highs of last Friday before retesting the 2000.00 level.

The 2000.00 resistance zone is an important focus to test and investors will be watching to see if the price of gold is able to soar higher or get stuck falling back.

If there is a further decline in gold prices this week, it is likely that the price will fall to around 1950.00 first before heading to the concentration level of 1920.00.