Not just record the latest weekly low, apparently the price of gold fell to the latest 8-week low on the price drop displayed last Friday.
This is because investors continue to see the continued strengthening of the US dollar until the end of last week, there is no rebound in prices as usual in previous weeks.
With the publication of personal data of United States (US) consumers on the New York session last Friday, which was strong, further strengthened the additional factor for the US dollar to strengthen with the expectation that the Federal Reserve (Fed) will maintain monetary policy tightening.
Thus, the pressure on gold is also expected to continue following the situation.
On the XAU/USD price chart which measures the value of gold against the US dollar, it can be seen that the price has reached the 1810.00 level at the end of last week's trading.
Price movements that remain below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart expect the bearish trend in gold prices to continue this week.
A further drop in price is seen getting closer to the target level of 1800.00, and investors will see an attractive price reaction in that zone.
It could be that the price plunges lower towards around 1780.00 to record the latest low again.
But it is not impossible that the price of gold can jump again showing a different movement pattern this week.
This will be more clear if the price increase succeeds in breaking through the MA50 barrier and then breaking through the concentration level of 1830.00.
A successful upswing will again target the previous 1870.00 resistance zone.
