Gold investors heaved a small sigh of relief as trading in the precious commodity survived expectations of a sharper plunge earlier in the week.
This follows at the end of last week, gold prices fell sharply when the United States (US) NFP employment data report was published with encouraging readings and strengthened the US dollar.
But on Monday's trading yesterday, gold prices managed to rise slowly above the $2,300 level, falling short of expectations to continue falling.
Observed on the XAU/USD chart which measures the value of gold against the US dollar, the price of gold last Friday made a jump from the height of 2387.00 until it fell below the level of 2300.00.
However, yesterday, the price managed to rise above the 2300.00 level again after briefly settling below it during the Asian session.
In the New York session, the price reached the level of 2313.00 and was unable to continue to a higher level.
Price movement remains below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the XAU/USD chart for a bearish signal for gold.
Continuing trading in the Asian session this morning (Tuesday), the price dropped again to hover around the 2300.00 level again.
If a further decline occurs, the latest lows for gold will be recorded with the target to head to the next concentration zone around 2270.00.
On the other hand, if the gold price jumps high again from the current 2300.00 level, the 2380.00 zone will be the target to reach again.
