Back to cheering gold investors at the opening of early April trading yesterday when the value of the yellow metal soared again.
Investors were initially unsettled as gold prices eased in the Asian session yesterday, continuing the fall at the end of last week.
However, due to the re-depreciation of the US dollar, gold is trading again and rising again.
The XAU/USD price chart which measures the value of gold against the US dollar yesterday saw the price drop first in the Asian session reaching the level of 1950.00.
However, the price then rebounded from the concentration level until it managed to reach a height of around 1990.00 in the New York session.
A more flat price movement below the highs resumed trading today (Tuesday) after the surge managed to break above the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart.
Gold is expected to extend the surge and get closer to the important level of 2000.00.
That level is still a resistance when making prices when the increase of a few weeks before still failed to break through it.
Recent highs could be recorded again if the US dollar continues to experience continued depreciation.
On the other hand, if the situation changes, the price of gold that made a decline is seen to return to the 1950.00 zone.
If broken, the price can fall to around 1900.00 which is also one of the previous price focus levels.
