Gold showed more of a flat price pattern on Wednesday trading yesterday when the movement of the US dollar affecting gold was also mixed.
Market concerns about the global banking crisis are still a volatile market factor despite some positive reports on developments at the beginning of the week.
Gold as a safe-haven asset also lost its appeal after last week the price managed to reach the $2,000 level.
Examining the XAU/USD price chart which measures the value of gold against the US dollar saw that the price was still holding above the 1950.00 level until yesterday after a decline at the beginning of the week from the 2000.00 level.
The price is also seen hovering around the Moving Average 50 (MA50) level on the 1-hour time frame on the XAU/USD chart which still does not show a clear direction of movement.
If a rally takes place at the end of this week's trade, still the 2000.00 highs will be the focus to test yesterday.
The 2000.00 level now serves as the latest resistance where several attempts to rise last week have failed to break through.
However, if the price starts to plunge again, the support zone at 1950.00 will continue to be pushed to be broken to lower levels.
If a further decline occurs, the price of gold is likely to be targeted for a move up to 1900.00 which is one of the key focus levels.
Investors are advised to control trading risk for gold near the end of this week to close March 2023 trading.
