White-eyed gold investors can only see the price of the yellow metal continue to slide lower until the end of the week.
Analysts had already anticipated a bearish pattern this week after the $2,000 price level failed to break through last week.
As shown on the XAU/USD price chart which measures the value of gold against the US dollar, the price has maintained a bearish pattern since the opening of trading early last week.
After last Friday's surge when the NFP jobs data was published, prices that reached the highs of 2000.00 have retreated before prices opened lower earlier in the week.
After that, a continuous decline was exhibited with the price staying below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the XAU/USD chart.
Exceeding the 1980.00 level, the price continued its decline reaching 1957.00 last Tuesday.
Then, the decline continued again on Wednesday yesterday until the price finally reached the concentration level at 1950.00.
The price movement hovered slowly around that in the Asian session, but in the European session there were signs for the price to continue falling lower.
If the bearish pattern continues, the price is seen to head towards around 1930.00 before reaching the 1920.00 level to test that important support.
But if the price manages to bounce back from the 1950.00 zone, the MA50 barrier will try to be crossed before signaling a change in the bullish trend.
The price increase will continue to penetrate the 1980.00 zone before retargeting to reach the 2000.00 level.
