Gold trading was positive at the closing trade last week when it managed to display a pattern of price increases again.
As the PCE price index data took center stage on Friday, gold prices showed a rebound to recover from the previous day's decline.
The decline in gold prices was seen starting on Wednesday from a high of $2,430 which reached a low of the week around $2,353.
Investors looked at price movements on the XAU/USD chart which measures the value of gold against the US dollar at the end of the week, but the PCE data did not have a significant impact on the US dollar or gold.
The price continued to rise to break above the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart to signal a continuation of the bullish pattern at the early opening of the week.
As expected, gold prices continued to rise and touched the 2400.00 level in the Asian session this morning (Monday) before retreating and slowing down around 2390.00 at the beginning of the European session.
If the rising pattern of gold prices is successfully maintained until the next sessions, the price is seen to go back to the 2430.00 level and test the resistance again like last week.
A higher rise will strengthen the bullish trend movement signal for gold to reach the record highs at the previous 2480.00 zone.
However, bearish warning to investors when prices started to move below the MA50 support after the 2400.00 level failed to overcome.
The continued decline will pass the level reached last week before heading to the concentration zone at 2300.00.
