The European session on Tuesday's trading yesterday saw the fall in gold prices up to the $ 1,700.00 level continuing the decline from the beginning of the week.
The situation of falling gold prices did not stop there when the price continued to plummet lower in the New York session to the level of $ 1,680.00.
The price movement on the XAU/USD chart which measures the value of gold against the US dollar has shown a clearer bearish pattern after the price leveled above the 1720.00 level last week.
Having reached the support level of 1680.00 in the New York session yesterday, the price movement started to slow down and hovered around it until continuing to the Asian and European market sessions today.
The 1680.00 level also supported the decline in early March trading after the price moved above that level since April 2020.
A continued lower decline in gold prices will record the latest lows for an 11 -month period likely heading to the level of around 1640.00.
However, if the price manages to rebound from the support zone and passes the 1700.00 level and also the Moving Average 50 (MA50) barrier level, investors will start to see as an early signal for the price to rebound.
The initial rise will lead to the SBR (support become resistance) level of 1720.00 before the resistance level of 1745.00.
For a longer time period projection, the price needs to break through the SBR zone of 1765.00 before heading to the 1800.00 focus level again.
Market movements over the weekend for gold are expected to be more turbulent ahead of the US NFP jobs report that affected US dollar trading.
