XAU/USD Gold Price Prediction: Can Gold Test $2,050?


Gold is still trading in the "consolidation" phase between the price level of $2,040 - $2,030.

The gold market at the opening of today's session is seen to have almost reached the $2,030 price level and is seen to be able to give gold investors room to retest the $2,040 resistance.

In the New York market session yesterday, the world's stock trading market was seen to have jumped up following strong financial reports in the sector.

This can be seen to put pressure on the American Dollar. In addition, geopolitical risk factors and pressures are also able to support the rise in gold prices.

Nevertheless, today some employee data such as U.S. Jobless Claims and a conference by some Fed members are seen to give a new lease of life to the direction of the gold market movement.

Any "Hawkish" statements by Fed committee members and positive employment data will pressure gold prices to trade lower.

Technical Analysis

Based on the daily chart, the price of gold is seen to be trading cautiously at the price level of $2,030-$2,040. If the $2,040 level is able to be broken, $2,050 is seen to be the main barrier.

However, if $2,030 fails to be defended, gold prices are expected to test the $2,000 price level.