Gold's movement slowed at the opening trade earlier this week with a low to $1,950.
Influenced by the US dollar, gold failed to show an increase in price as the king of currencies stabilized slightly compared to the continued decline at the end of last week.
However, investors need to be cautious as the US market was closed for the Juneteenth Holiday yesterday, and the real price movement may start today.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price leveled off slowly on Monday yesterday to around the 1950.00 zone and closed the New York session below it.
However, continuing trading in the Asian session this morning, the price opened slightly higher above the 1950.00 level but remained hovering around that until the end of the session.
The opening of the European session saw prices slightly higher testing the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart and investors are watching for further movement signals.
If the MA50 barrier is successfully overcome, the price of gold will continue to rise to overcome the high level last Friday around 1967.00.
Next, the resistance level at 1970.00 will be tested before the price reaches the concentration zone of 1980.00 in the continuing uptrend.
On the other hand, if the price declines again and moves below the 1950.00 level again, it will be a sign that the price of gold is more likely to display a bearish movement.
The decline will return to try to reach last week's low around 1925.00 before changing the target to 1900.00 which is the main focus if gold prices continue to decline.
