The movement of gold remained slow continuing the second day for the week, still looking for a clear direction while investors remained monitoring the development of current issues in the market affecting the gold commodity.
The US dollar, which managed to show an early strengthening earlier in the week, was seen as not putting pressure on gold which was offset by the ongoing geopolitical crisis between Russia and Ukraine.
On the XAU/USD price chart which measures the value of gold against the US dollar still shows the price hovering below the resistance level of 1950.00 after last week's price increase failed to pass the zone.
The price also fluctuates around the level of Moving Average 50 (MA50) on the 1 -hour time frame on the XAU/USD chart has not given a clear decision for the direction of further movement.
If the rise is successfully extended further, the resistance at 1950.00 will once again be tested after failing to break last week.
If the price manages to make an increase over the resistance, the price increase will test the 1970.00 zone before continuing the bullish trend towards the 2000.00 level.
On the other hand, if the price of gold makes a decline, the support level is seen to be in the 1900.00 zone which also supported the price fall last week.
However, can the zone push prices further for a decline this week?
If it fails and the price breaks to a lower level, the price target is seen at 1870.00 for the continued decline.
