Commodity trading has been buoyant since last week with gold investors increasingly happy to see the positive rise in the value of the yellow metal to new price levels.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price continued to surge after passing the previous resistance at 1800.00.
After last week, the price of gold has reached the high level of 1845.00 and tested that level several times, the price continued to rise higher on the trading that continued earlier this week.
The 1850.00 target level expected by analysts earlier was reached on the rise in gold prices in the Asian session this morning.
The increase was also driven by the depreciation factor of the US dollar over the weekend after US retail sales data were published with disappointing readings.
The situation has changed the initial strengthening of the US dollar following US inflation data rising to a 13 -year high.
Entering the European market session, the price movement started to slow down after reaching the latest high around 1855.00.
Expectations of a higher rise in gold prices will reach the level of 1875.00 to record the latest high since early February.
If the price of gold declines again, the price support level is seen at the level of 1820.00 before returning to the RBS zone (resistance become support) 1800.00 again.
Monitor the current sentiment of the market this week and the US economic data that will affect the US dollar currency while driving the movement of gold prices.
