GOLD Analysis – Has Passed $2,050, Is Gold Going to Reach $2,070?


The movement of gold price fluctuations intensified on Thursday's trading yesterday which made investors more excited at the end of the week.

This is due to the significant jump in price that was displayed in the New York session yesterday to reach the latest 4-week high.

But before the surge happened, the price of gold initially showed a decline first.

If you look at the XAU/USD chart that measures the value of gold against the US dollar yesterday, the price hovering below the 2050.00 zone has made a significant drop until it reaches the 2030.00 zone again.

Investors initially saw it as an early signal for a bearish trend change following the decline which also made the price below the Moving Average 50 (MA50) barrier line on the 1-hour time frame of the chart.

However, as soon as it briefly tested the 2030.00 zone, the price made a drastic jump to penetrate 2050.00 following the significant depreciation factor that occurred on the US dollar in the New York session.

Recent highs were reached around the 2065.00 high before the price retreated slightly to close the session's close at the 2055.00 level.

The price movement remained flat at the closing level until it continued in the Asian and European sessions today.

The focus is now on the United States (US) NFP employment data report that will be published in the New York session shortly and will influence the movement of gold.

If the price continues to rise, the increase is expected to reach the level of 2070.00 to continue to record the latest high level after this.

However, if the price plunges again below 2050.00, it is possible that the price of gold is at risk of experiencing a decline again towards the 2030.00 zone.

That is one of the closest concentration zones for gold trading for movement at the end of this week's sessions.