Gold's performance has been weakening again as it resumed trading at the opening early this week.
The yellow metal gave hope last week with a price increase above the $3,300 level but the momentum failed to maintain following a price decline when the NFP report reaction was published.
The market is still in an uncertain state with investors wary of the Donald Trump tariff issue approaching the end date of the previous 90-day grace period.
On the XAU/USD chart which measures the value of gold against the US dollar, the price that opened around the 3335.00 level in the Asian session this morning began to show a decline after moving flat at the close of last week.
The price movement below the Moving Average 50 (MA50) line on the 1-hour time frame on the chart shows a bearish signal for gold.
The price decline until the European session is seen touching the 3300.00 level again which is an important point for the future direction.
If it drops lower, gold prices are likely to reach last week's opening level around 3250.00.
However, if the price reverses and rises above the MA50 barrier, this will be a positive signal for a resumption of the price.
Last week's high around 3365.00 will be the target to be surpassed before showing a clearer bullish signal.
Next, gold prices will be recorded higher with a target to return to 3400.00.
