Still failing to recover, gold trading continued to unnerve investors as they had to watch the price slip lower earlier in the week.
The US dollar strengthened again as a factor that continued to suppress the value of gold falling to the latest lowest level since last March.
Observe the price movement on the XAU/USD chart which measures the value of gold against the US dollar.
As expected in the previous analysis, the price reacted at the 1830.00 zone as the decline continued again yesterday.
The trend remains bearish with gold price movement still below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart.
In the New York session, the price has reached the 1830.00 zone and the price movement has slowed for a while around that.
Resuming trading in the Asian session this morning (Tuesday), the decline continued with the latest lows being reached around 1816.00 before a slight rebound in the European session.
However, analysts maintain a further downward trend in the price of gold with a target to reach the important level of 1800.00.
It is expected that there will be an attractive reaction to the price in the vicinity, in addition to the price also recording the latest low level again.
However, if the price manages to bounce back above the 1830.00 level, this will be an early sign of a possible trend change.
Continued upside will target 1885.00 and 1900.00 which was the focus of last week.
