Gold prices are sliding down towards the end of this week after retreating from their previous peak.
The price decline that continued until today (Friday) shows the fourth consecutive day of decline that began last Tuesday.
Investors examined the movement on the XAU/USD chart that measures the value of gold against the US dollar to close this February which is increasingly gloomy.
The previous price decline was seen trying to hold at the 2900.00 level which then continued to decline lower yesterday.
As expected, the price stopped at the RBS (resistance become support) zone of 2880.00 which was the focus zone a few weeks ago.
Hovering around that at the opening of the Asian session this morning (Friday), the price continued to decline to the latest 3-week low reaching around 2860.00 as of 4 pm.
Gold prices are increasingly likely to decline back to the 2800.00 zone that was the focus of early February trading.
However, if the situation changes in the final sessions of this week, the price will rise again to test the 2800.00 zone again.
Next, the 2900.00 level will be the next obstacle for prices to continue rising higher before triggering a bearish signal again.
