Gold trading showed a recovery towards the opening of the Asian session this Tuesday morning which is back above the $2,400 price level again.
However, the situation is still not enough to relieve investors who have seen a significant drop in prices at the opening trade of the beginning of the week yesterday.
Investors examine price movements on the XAU/USD chart which measures the value of gold against the US dollar.
The rate of price fall on Monday yesterday was worse than last Friday saw the price start to plunge from the level of 2458.00 to reach 2364.00 in the New York session.
But the price recovered a little and hovered above the 2400.00 zone until continuing trading in the Asian and European sessions today.
The tendency of the gold price is to continue the bearish movement when the price is seen to remain below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart.
Gold prices show signs of falling but still have the potential to shine in a risky market environment.
If the price falls below the 2400.00 zone, a further decline can be expected to reach yesterday's level or lower.
A continued decline is likely to test the support level of the previous week around 2350.00.
However, if the increase continues until it is seen to pass 2430.00, the price will give an early signal for a change in trend.
A more bullish move is expected to reach the highs reached at the end of last week around 2478.00.
Next, the price of gold will continue its mission to break the latest record in history that was drawn during trading last July.
