Continuing the surge of the previous day, gold managed to reach a new high of around $2,030 on Wednesday yesterday, but started to retreat again.
After reaching the highest level since March 2022, the price failed to continue rising higher but instead began to shrink again following the strengthening pressure of the US dollar in the New York session.
Analysts remain optimistic that gold still has the potential to shine brighter, but investors are likely to be cautious ahead of the NFP jobs data report tomorrow.
The XAU/USD price chart which measures the value of gold against the US dollar last Tuesday saw a surge reaching 2024.00 before the rise continued Wednesday yesterday reaching a new 13-month high at 2030.00.
However, the price was pushed back down to around 2010.00 resuming trading today (Thursday).
The slow price movement passed the support level of the Moving Average 50 (MA50) which still suggests a bullish movement for gold.
If gold still has the energy to continue its climb towards the end of the week, the price will surpass yesterday's high for a new record.
The next target is at 2070.00 to be reached once that level was last touched in the March 2022 trade.
However, if gold continues to decline, the 2000.00 level will be the focus to be tested again and potentially form the latest RBS (resistance become support) zone.
The continued decline in gold prices will lead to around 1950.00, among the previous price concentration levels.
