Surviving the slump lower, gold prices managed to trade slightly higher on the move earlier in the week overnight.
As expected, the tensions of the Russo-Ukrainian conflict are re-emerging in the market and seafarers are now following the development of a new partition design against Russia.
Western countries are planning to impose new barriers on Russia after Kyiv reported mass killings of ordinary people.
The risk that returned to the market was initially seen as increasing the pull of the safe-haven gold asset.
The XAU/USD price chart which measures the value of gold versus the US dollar has seen the price rise to around 1935.00 in the New York session after moving slowly at first in the Asian session around 1915.00.
However, continuing with the Asian session trading and early in the European session today (Tuesday), the price is flat above the support level of the Moving Average 50 (MA50) on the 1 hour time frame around the level of 1930.00.
It is possible that price movements will be more active in the New York session soon with the market's reaction to the latest developments in the Russia-Ukraine conflict.
If gold prices manage to rise, the level of the resistance at 1950.00 will be the initial target to be tested after the barrier failed to be broken last week.
The upside that managed to continue onwards will test the SBR zone (support become resistance) at 1970.00 before targeting a rise to the peg level of 2000.00.
On the other hand, if gold continues to fail to get a fugitive pull in the market, the price may shrink back towards the 1900.00 support zone.
If the zone of support that managed to support the price for the previous few weeks is successfully broken, the price will record its latest low towards around 1870.00.
