Adding to investors' anxiety, gold trading displayed a flat price movement pattern throughout Tuesday.
Without providing a clearer signal, investors remain vigilant waiting for new clues in the market that could influence changes in the price of gold.
Observed on the XAU/USD chart that measures the value of gold against the US dollar, yesterday's price movement was flat in a slow range between 2634.00 to 2654.00 throughout the day.
Movements around the Moving Average 50 (MA50) line on the 1-hour time frame on the chart also made it difficult for investors to see a clear direction.
Until resuming trading in the Asian session this morning (Wednesday), the price is still showing a movement pattern like yesterday, making investors cautious ahead of several important economic data releases towards the end of the week.
For expectations of a rise in gold prices if they occur, the focus is on returning to the 2650.00-2670.00 zone which was the resistance tested in the price increase at the end of last week.
If the price successfully breaks through the zone, further increases are seen towards the previously reached high of 2720.00.
Next, the all-time high at 2790.00 remains the target to be reached again.
Meanwhile, for the expectation of a decline in gold prices, the zone around 2600.00 is seen as the closest support.
If the zone fails to push the price back up, it will be a danger warning for investors to prepare for a lower fall in gold prices after that.
