The XAU/USD price movement which measures the value of gold against the USD seems to remain continuing the decline which this time has met the expectation to hit the support zone of 1760.00.
But the price of gold is seen as if it is trying to climb at the end of the session by making an increase of around 150 pips which continues to the trading session today (Friday).
But the rise does not seem to be able to last much longer after the gold price movement made a decline again and remained moving below the Moving Average 50 (MA50) barrier level.
The statement by the Federal Reserve (Fed) that it wants to take steps to accelerate the rise in interest rates continues to be the reason to answer why the greenback dollar is able to continue to strengthen.
Meanwhile, concerns around the world over the contagion of the new Covid-19 Omicron variant have left the market poised to further increase its cash holdings.
The matter has completely affected gold trading to gain demand even though the 10 -year US treasury yield has fallen below the 1.50%level.
Which is of course the 1760.00 support zone will remain the focus ahead of the release of the US NFP data report tonight on whether the zone is capable of driving a surge or vice versa.
While investors are likely to evaluate to the support zone at 1740.00 if the price of gold continues to plummet which will also maintain the bearish trend since mid -November.
Even so, it is not impossible for the gold price movement to be able to translate into a shock, which the SBR (support become resistance) zone of 1780.00 is expected to be the initial zone that will be tested first.
Of course investors will be waiting for the reaction on the focus zone at 1800.00 to be reached and it is also a resistance zone at the moment that often prevents prices from remaining soaring.
