GOLD Analysis – Gold Holding Above $2,030 Or Falling?


Uncertain movement situation remains haunting the gold trade this week with difficulty for investors to assess the current price direction.

The mixed performance of the US dollar also affected the movement of gold when the economic data of the United States (US) was published.

After some data took center stage in yesterday's New York session, the US economic growth report for the fourth quarter of 2023 will be watched tonight.

Next, the focus will shift to the US consumer personal spending index data on Thursday which is expected to have a more significant impact on the US dollar and gold.

On the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to remain hovering at the 2030.00 concentration zone since last week until today.

Today's price movement is observed when the price starts to fall below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart which gives a bearish signal.

If the price continues to move below 2030.00, this will trigger expectations for a drop in the price of gold.

The price's closest target is at the level reached at the end of last week around 2016.00 before the decline continues lower.

The zone that awaits as the main focus of the price is around 2000.00 if the bearish pattern continues.

Meanwhile, if the price increase is successfully displayed again, away from the 2030.00 zone the price will try to rise past the previous high around 2040.00.

Then the price can go to the level previously targeted by the analyst which is the 2050.00 zone.