GOLD Analysis – Already Past $2,080, Where Is the Gold Price Going?


 Still unstoppable this week, gold trades continue to excite investors as the price continues its upward trend to higher levels.

After the price level of $2,070 was successfully overcome, the price of gold continued to rise to the next expected level yesterday reaching $2,080.

Still the US dollar as the driver of gold price movements, the decline of the US dollar continued this week and was even worse last Wednesday.

The dollar index and the US 10-year treasury yield were also seen falling to new lows.

If the pressure on the US dollar continues to increase, the price of gold has the advantage of continuing to creep up until the close of trading in 2023.

Examining the XAU/USD chart which measures the value of gold against the US dollar, the price that passed the 2070.00 resistance on Wednesday yesterday has broken through the 2080.00 level in the New York session.

However, the closing price at the end of the session slightly retreated below that level again.

The bullish pattern continued again when trading continued in the Asian session this morning saw the price continue to record the latest high above yesterday's price.

The 2088.00 level is seen as the highest reached so far with slow price movement in the European session.

The price increase is expected to continue, likely to continue in the next session with a target towards 2100.00.

The all-time high reached in early December was at 2144.00, which will be the target if the price of gold continues to display an energetic surge.

However, it is not impossible to expect gold prices to plunge again at the end of this week.

The price of gold can drop back below the level of 2080.00 or 2070.00 before signaling to start the bearish trend movement again.

The 2050.00 level may be hit again if the decline in gold prices occurs.