Gold commodity trading is still considered to be moving in a flat zone, but slightly positive when the pattern of the increase in the value of the yellow metal was displayed on Wednesday yesterday.
After gold showed a decrease in value on Tuesday, but with the US dollar's depreciation factor yesterday, it gave room to rise again.
Investors are now looking forward to a speech by Federal Reserve (Fed) Chairman Jerome Powell at the New York session tonight for an indication of further policy tightening.
If the Fed continues to signal for aggressive rate hikes, the US dollar is likely to show a positive reaction to strengthen again, but will put pressure on gold.
On the XAU/USD price chart, which measures the value of gold against the US dollar, the price rose again from the 1691.00 level until it retested the resistance zone of 1720.00, continuing today's trading.
It also crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart, rekindling expectations for a bullish move for gold.
If the price of gold manages to rise and pass the resistance at the RBS zone (resistance becomes suppor) 1720.00, the next few concentration levels will be the focus.
Among the focus on rising higher is the 1740.00 zone and also the 1760.00 zone which will be the next resistance.
On the other hand, if the price fails to break through the 1720.00 zone, the price decline could happen again for the price to test once the price support zone around 1690.00 that remains restraining the price from falling lower since last week.
A lower drop if it continues is seen to head towards 1680.00 for the latest 7-week low for gold trading.
