Gold investors are back in the doldrums after expectations were not met for the latest movement of the safe-haven asset.
After leveling off at the opening early yesterday, gold trading is falling lower today (Tuesday).
The situation is different again compared to the upward pattern of gold prices that was displayed at the end of last week with the highest closing price in the last session reaching $3,365.
Price movements were observed on the XAU/USD chart which measures the value of gold against the US dollar with a lackluster pattern for several sessions yesterday.
However, the price, which is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart, expects the rise to continue.
Expectations were missed when investors began to see signals of a trend change with price movements below the MA50 line today.
In the European session, the price showed a more significant decline until it reached the 3300.00 level again.
The support zone of 3280.00 last week will be tested and will signal further declines if it is broken.
If the decline continues, the price is seen to return to the 3220.00-3200.00 zone, among the zones that were the focus of trading in the previous week.
However, if the price survives falling below the 3300.00 level, there is still potential for the price to rise again.
The target still remains at 3400.00 to be achieved if the rise continues successfully this week.
