GOLD Analysis – Like Falling, Apparently the Price of Gold is Back to $2,000!


 Gold investors breathed a sigh of relief when they saw the rebound in prices continue until the resumption of trading today (Tuesday).

There is still a movement situation like last week, the US dollar continues to be traded under pressure which also has an impact on the increase in the price of the yellow metal.

Investors will scrutinize the minutes of this week's FOMC meeting for further clues on the Federal Reserve's (Fed) monetary policy, which is seen to be increasingly heading towards an easing phase.

If observed on the XAU/USD price chart which measures the value of gold against the US dollar yesterday, an initial decline was shown in the European session before the price rebounded in the following session.

The price dropped to around 1966.00 before rebounding and closing the New York session trading around the 1978.00 level.

Continuing trading in the Asian session, the surge in price was shown to break through the important zone of 1980.00 and also passed the Moving Average 50 (MA50) obstacle level which again signaled to continue the previous bullish trend.

As of early trading in the European session this afternoon, prices hovered slowly at the 1993.00 level testing the high level reached on Friday.

With this, the price movement is seen getting closer to the concentration level of 2000.00 expected by analysts.

The resistance zone will be tested after in the trading of the end of October and the beginning of November, the price failed to break through it after several attempts.

Even so, investors still need to be alert for the risk of the gold price falling again if there are signs of a change in trend.

A rapid decline in price below the 1980.00 zone could push the price towards around 1950.00 before a further drop in price will follow.