The current gold price movement shows a risk tendency to end lower at the end of February trading.
A significant price drop was shown last Tuesday, which returned to the important level of $2,900.
Yesterday, Wednesday, saw difficulty for the price to rise again to make an increase and was also pressed down to the $2,900 level.
Investor concerns are increasing when gold trading today (Thursday) shows a downward pattern from the beginning of the Asian session until continuing to the opening of the European session.
Examining the movement on the XAU/USD chart, which measures the value of gold against the US dollar, the price was once again pressed down below the 2900.00 level today.
A bearish signal was observed with the price movement remaining below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart.
Starting from around 2920.00 in the Asian session this morning, the price has made a decline reaching 2890.00 until the European session began.
The decline is expected to continue to test the RBS (resistance become support) zone at 2880.00 which has been the focus since early February.
If the decline continues lower, the gold price target is to head towards 2800.00 again.
However, if the price manages to rise again above the 2900.00 zone, investors will watch for a signal for a bullish movement in the price again.
The price increase will try to reach the 2950.00 resistance zone again before a new record high will be broken again.
