Gold trading slowed on the crew this week after a significant surge exhibited last week prompted investors ’optimistic outlook for the precious yellow metal to continue to rise higher.
In yesterday's trading, the price movement on the XAU/USD chart which measures the value of gold against the US dollar was seen flat above the 1720.00 level with the high level reached around 1733.00.
Gold prices rose slightly in resumed trading on Tuesday with a rise to the 17383.00 level before the price declined again at the beginning of the European session.
Prices that are still hovering above the support level of Moving Average 50 (MA50) on the 1 -hour time frame remain a signal for a bullish trend.
The resumption of US treasury yields in today’s European session will again support US dollar trading.
This situation will push a possible fall in the price of gold to the support level at 1720.00 again.
The lower decline will return heading back to the previous focus levels at 1700.00 as well as 1680.00.
Yet if the price manages to continue rising, the resistance level of 1745.00 will be tested again after failing to break on trading a few weeks ago.
Next, the SBR zone (support become resistance) 1765.00 will be the focus of the price before the higher rise will head back to the level of 1800.00.
