Gold trading in the past week has shown a disappointing performance as investors again saw the value of the precious yellow metal fall again.
After a 2-week rally from the $2,3000 level, the bearishness was reiterated last week after a new record high was successfully recorded.
Surpassing the level reached last April, gold prices hit an all-time high early last week at $2,450.
Price movements are observed on the XAU/USD chart which measures the value of gold against the US dollar.
After the new price record was recorded, the momentum did not continue, instead the price began to show signs of a change in the bearish trend until the decline was displayed reaching around 2330.00.
The price remains moving below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart which indicates a bearish movement signal where the price also tested it in the Asian session this morning.
The MA50 barrier still remains, restraining the increase in gold prices, the decline in prices is expected to continue this week.
Price is expected to retrace to the concentration level at 2300.00 before price reaction around that will be observed.
If the decline continues, then the price is targeted to reach around 2270.00.
But if the price succeeds in making an increase, one of the resistance zones that will be tested is at 2380.00 before the higher increase continues.
Next, the level of 2430.00 will be reached again before the highest record price of gold will be challenged again.
