The price of gold seems to be moving slowly at this point, it is expected that investors are still cautious with the market conditions that are waiting for important data to be released tomorrow (Thursday).
The gold market is expected to bounce back after the minutes of the FOMC meeting were released early Thursday morning, at 2.00am Malaysian time.
In addition, the gold market is also potentially affected by other data to be released such as unemployment claims and the Purchasing Managers' Index (PMI) for the manufacturing and service sectors.
Based on the daily chart, the price of gold is making a downtrend movement after showing an increase to the highest level recently.
On the XAU/USD chart which measures the value of gold against the US dollar, the price is at around 2508.00 in the European session today after gaining momentum to the highest price of 2531.00 yesterday.
If the price wants to make a decline, the 2490.00 level is seen to be the target for the price to test the important zone.
Crossing the zone will signal the price decline to continue with levels around 2456.00 being the next target.
For the price to do a bullish trend, market analysts expect the price of gold to have the potential to rise to the level of 2531.00 which is the highest level in history.
Investors are optimistic for a price increase but it is difficult to expect the next target if the increase continues due to the gold price being at a level that has never been reached before.
