The movement of gold prices started to slow down on Tuesday yesterday when a continuous falling pattern was displayed since the previous week.
With expectations for the US dollar to continue to strengthen, gold prices are expected to continue to experience deeper declines.
However, the decline in prices did not continue yesterday as prices moved more flat as the market was cautious ahead of the United States (US) NFP jobs data report at the end of the week.
Price movements can be seen on the XAU/USD chart which measures the value of gold against the US dollar.
The decline continued in the early opening of the week until the latest low was hit in the Asian session yesterday around 1816.00.
The price rose slightly in the European session but was blocked at the 1830.00 level which became a resistance during price making before flatlining below it until the end of the New York session.
The price movement remains in a bearish trend moving below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart.
Price movements remained flat in the Asian and European sessions today (Wednesday), but analysts expect interesting movements in the New York session following investors' reaction to the US ADP employment data to be published.
In anticipation of a continued decline, the price of gold is predicted to reach the 1800.00 concentration level.
This will be the latest record low for prices for 2023 after surpassing the level reached last February.
As for the expected price increase, the resistance at 1830.00 needs to be passed first as an early signal for a change in the price trend.
Next, the price that makes an increase is seen to go to the level of 1855.00 or 1870.00 to retest the levels that were the focus before.
