The market's focus is now on the release of economic growth data from the United States (US) in the New York session shortly, which will influence the US dollar currency and also affect the fluctuation of the value of gold.
Early this morning, the FOMC meeting minutes report was given first attention.
Investors are digesting that the Federal Reserve (Fed) will continue to tighten policy and this situation is seen to support the strengthening of the US dollar.
If the strengthening of the US dollar continues, gold will experience problems with the expected depreciation of the yellow metal will also occur.
On the XAU/USD price chart which measures the value of gold against the US dollar on Wednesday yesterday saw the price slowly creeping above the support level of 1830.00.
However, after the minutes of the FOMC meeting were scrutinized, the price was seen to have dropped lower below that level until around 1824.00 at the close of the New York session.
Continuing trading today (Thursday), the price slightly increased to the level of 1830.00 again in the Asian session.
Continuing at the beginning of the European session, the price tried to hover above the 1830.00 level and also tested the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart, but it was still difficult to break through.
If it succeeds in continuing to move higher past the following hurdles, the 1845.00 level will attempt to be breached to record the latest weekly high.
Next, after signaling a bullish movement, the price is seen to make a higher rise to the 1870.00 concentration zone.
On the other hand, if it fails to remain above the 1830.00 level, a further drop in price will be expected to reach the 1800.00 support zone.
