This time is no longer good news for gold investors with the price movement that was displayed on Wednesday's trading yesterday.
After a continuous rise before this until it almost reached an all -time high (ATH) level ever recorded, the price has plunged back to $ 100!
Previously risky market sentiment slightly recovered and prompted the resale of gold safe-haven assets in the market. But analysts expect the situation to be only temporary as the war crisis continues.
On the XAU/USD price chart which measures the value of gold against the US dollar has seen the price decline 1,000 pips from the 2070.00 high reached up to the 1970.00 level again.
This situation also gives the impression to investors that the bullish trend for the previous few weeks has ended.
Even investors are also evaluating the indicators for a change in the bearish trend after the downtrend that re -passed below the 2000.00 level also moved below the Moving Average 50 (MA50) support level on the 1 -hour time frame on the XAU/USD chart.
The price movement today (Thursday) is flat until the European session in the RBS (resistance become support) zone of 1970.00, but is expected to be more aggressive in the New York session ahead of the US inflation data to be published.
For a lower decline, the 1950.00 level is seen to be tested before the continued decline will lead to the previous focus level around 1900.00 and also the RBS 1870.00 zone.
Meanwhile, if the gold price rises again, crossing the 2000.00 level and the MA50 barrier will reassure investors.
The high level of 2070.00 which is a resistance for the price will be tested again for the price to try to overcome the highest level of ATH ever recorded in August 2020 around 2074.00.
