Gold price movement which has remained flat since last Tuesday has slowed down in the absence of a clear direction while investors continue to be wary of risky trades at the end of the week.
Surely the main focus will be none other than the United States (US) NFP employment data report in the New York session tonight which is an important compass for the Federal Reserve (Fed) in determining the direction of monetary policy.
The report for the month of September will be evaluated whether in parallel or otherwise with the signal of the Fed's policy tightening which is seen to want to continue raising interest rates.
Looking at the XAU/USD chart which measures the value of gold against the US dollar, the price showed no change in the previous horizontal pattern.
Resistance remains at the 1830.00 level while the price is hovering above the 1815.00 level until today, as of the European session.
The price is also seen hovering at the Moving Average 50 (MA50) line on the 1-hour time frame on the XAU/USD chart, making investors cautious to determine the next direction.
Drastic movements are expected to occur in the New York session shortly for gold.
If the price breaks through 1830.00, the price upside could reach up to 1855.00.
If it continues to higher levels, 1870.00 will be the next level of focus with the price bullish trend signal starting.
On the other hand, if the price plummets, the 1800.00 level is seen to invite a price-pulling reaction or it is also possible for the price to continue to break through lower.
The continued decline will reach around 1780.00 to record the latest lowest level in 2023.
