The movement of gold commodity prices at the beginning of this week's opening is seen to be still flat awaiting the start of the New York session.
The US dollar, which moved weak towards the end of last week after the Federal Reserve (Fed) stopped raising interest rates at the latest FOMC meeting, has given room for gold prices to rise again in the market.
Before the surge, gold prices initially fell to a 3-month low following the strengthening of the US dollar in early reaction to the FOMC meeting with hawkish signals by the Fed for further monetary policy.
This situation can be observed on the XAU/USD price chart which measures the value of gold against the US dollar with the drop in price last Thursday reaching 1925.00.
But a surge was shown again for the price to cross the 1950.00 zone again until it reached a height of around 1967.00 last Friday.
The price retreated slightly at the close of the last session of the week before the flat price movement at the beginning of the week broke above the 1950.00 zone.
Also, the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart was tested, which is seen to support the price holding on from a lower decline.
If the surge is successfully exhibited again, the resistance at the 1970.00 level last week will be tested again before the increase continues towards the 1980.00 concentration zone.
Next, the price of gold will aim to reach par 2000.00 again if the US dollar remains weak in the market.
However, with hawkish signals from the Fed that could strengthen the US dollar, gold investors are bracing for a possible price drop.
If the price starts to break below the 1950.00 zone after breaking through the MA50 support, this will be an early warning for investors for a lower decline.
Last week's low of 1925.00 is likely to be hit again by the price this week and it is not impossible to break it.
The continued fall in the price of gold is seen to reach around 1900.00 which is one of the previous price focus levels.
