Gold trading still failed to unearth the excitement of investors when the price still failed to display a rising pattern again.
However, investors also heaved a sigh of relief when the severe fall in gold prices stopped for a moment, seeing the price level around the $2,020 zone.
With the US dollar still the driver of gold's movement, investors focused on the United States (US) jobs data this week.
In yesterday's New York session, ADP employment data which measures the US private sector recorded a slow reading for November.
However, the US dollar is seen to have managed to maintain its strengthening that has been exhibited since the beginning of the week.
Now, investors are on the lookout for current market moves while waiting for the US NFP jobs report to be published on Friday.
Looking at the XAU/USD chart which measures the value of gold against the US dollar, the price which reached an all-time high around 2140.00 has plunged significantly before hitting a weekly low of 2010.00 last Tuesday.
Throughout Wednesday's trading yesterday, prices were flat between the 2020.00 and 2030.00 zones until continuing today (Thursday).
A slow movement of the price above the support line of the Moving Average 50 (MA50) on the 1-hour time frame of the chart gives an early signal for a possible price increase.
If it does, the price is seen to make a rally to test the nearest resistance at the 2050.00 level.
A higher move will target resistance at the 2070.00 level before continuing its climb.
However, if the price drops to the bottom, it is very likely that the price will reach the 2000.00 level, which has been the focus since trading last October.
The price can drop lower after displaying a more obvious bearish trend movement and investors need to be prepared for the probability of such a situation.
