Examining the price movement on the XAU/USD chart which measures the value of gold against the US dollar, the price continued to rise again today beyond the 2000.00 resistance reached yesterday.
The price movement was quite interesting earlier this week with the resistance level of 2000.00 tested in all three sessions yesterday but failed to break.
After the price touched the 2000.00 level in the Asian session after the early trading of the week began, the price declined again before re -testing the level in the European session.
However, continuing until the beginning of the European session, the price declined again from that high but was supported by the RBS zone (resistance become support) 1970.00.
The price then rose back to the 2000.00 level at the end of the New York session before the price surge in the European session today finally passed the resistance to record the latest high.
Gold is expected to continue to shine with the market situation remaining risky and increasing demand for safe-haven assets.
Investors are now increasingly optimistic for the price to head back to the 2070.00 high zone and have the potential to record the latest all -time high (ATH) previously reached in August 2020 around 2074.00.
While remaining moving in a bullish trend, investors remain wary for prices to make a return decline if current market sentiment starts to change.
For a possible downside expectation, the price falling back below the 2000.00 level will again test the RBS 1970.00 zone and the Moving Average 50 (MA50) support level on the 1 hour time frame for the initial signal of a bearish trend change.
A lower decline will test the 1950.00 level before re -targeting up to the 1900.00 focus level for further decline in gold price.
