As if showing the potential to trade strongly at the opening of the Asian session on Monday morning yesterday, gold looked lackluster after enduring several subsequent sessions.
The attraction to the safe-haven asset was expected, but the price failed to surge higher after opening higher than the close in the last session of last week.
Investors initially expected an increase in the price of gold after the United States (US) credit rating report by the firm Moody's Ratings raised new concerns in the market.
If we examine the movement on the XAU/USD chart that measures the value of gold against the US dollar, the price started trading in the Asian session yesterday above the 3200.00 level.
This shows good potential after the price decline shown last Friday approached the 3150.00 level.
However, the increase in the early Asian session yesterday only reached the 3150.00 level and once again the attempt to increase in the European session also failed to reach a higher level.
The price, on the other hand, fell slowly around 3220.00 and continued trading in the Asian session this morning (Tuesday) and fell slightly below it until the beginning of the European session began.
The price movement that also circulated around the Moving Average 50 (MA50) line on the 1-hour time frame on the chart still did not provide a clearer direction signal for the gold price.
For expectations of a price increase if it occurs after this, the 3250.00 level is likely to be able to be surpassed before the price tests the 3270.00 zone.
Next, it will show a clearer bullish signal if the increase continues with the target to surpass 3300.00.
However, if the price continues to settle down, the zone between 3150.00 to 3120.00 is seen to return to being the focus like last week's trading.
