Gold trading once again failed to break the latest historical record when the price plunged in yesterday's trading session in New York when the reaction to the inflation data of the United States (US) was published.
The US consumer price index (CPI) recorded a decline to 2.5% in line with market forecasts, but the US dollar showed a strengthening pressure on gold prices to fall.
Continued trading today (Thursday) again showed a moderate recovery for gold, but investors are still on the lookout for trade heading into the end of the week.
On the XAU/USD chart which measures the value of gold against the US dollar, the price was initially seen to make an increase yesterday approaching the 2530.00 zone like the trading situation of the previous weeks.
However, the price still failed to break through the wall, seeing the price plunge again after the CPI data was published approaching the level of 2500.00.
The price rebounded a bit before closing the session's end trading around 2512.00.
Tipping slowly above the 1-hour Moving Average 50 (MA50) support line on the XAU/USD chart, the price rose slowly to the 2522.00 level at the start of the European session.
If the price increase continues successfully, it will reach the 2530.00 resistance zone which is still immune from being broken.
If it succeeds in breaking through, the highest historical record of the gold price will be created again.
Meanwhile, if there is a price drop, the 2500.00 level is seen as an important support zone for the price.
Breaking lower will be a bearish signal and investors will be ready for the start of a more severe fall for gold trading.
