GOLD Analysis – Gold Price Attempts To Break $2,030!


Gold has outperformed today's performance (Tuesday) compared to the passive movement displayed at the opening of the early week yesterday.

It was somewhat disappointing for investors when the price that leveled below the $2,030 zone yesterday failed to continue the upward trend at the end of last week.

However, today is better as the price tries to make a rally again and try to break through the $2,030 zone.

Price movements can be examined on the XAU/USD chart which measures the value of gold against the US dollar.

A bullish signal is identified when the price increase displayed today begins to cross the Moving Average 50 (MA50) barrier line on the 1-hour time frame of the chart.

After showing a surge, the price was seen hovering around the 2030.00 zone in the European session, investors are ready to see what will happen in the next session.

If the momentum is successfully maintained, the increase will continue again from the 2030.00 zone and towards the concentration level at 2050.00.

Next, the target will shift to higher levels around 2070.00 if stronger price gains continue.

However, if the situation is the other way around, the price can plunge from the 2030.00 zone to lower levels again.

The closest target is towards the 2000.00 zone which will invite an attractive price reaction around that area.

If the breakout price is lower than that, the continued bearish movement is expected to reach the 1970.00 level.