Until the end of last week, gold prices remained flat above the $2,900 level.
There was a reaction in the market when the US jobs report was published in the last trading session of last week, but it did not cause a significant impact on gold prices.
Even so, analysts see the potential for gold to remain for the new week as the tariff war issue heats up in the market.
Most recently, China was reported to have retaliated with tariffs on Canada following the implementation of Canadian tariffs on China in October last year.
If we examine the movement on the XAU/USD chart which measures the value of gold against the US dollar, the price has hovered for several days in a range between 2900.00 and 2930.00.
2930.00 became the resistance level tested in the trading sessions of the last week with the price movement pattern still not showing signs of increasing higher.
If there is no change, the price will remain hovering within the horizontal zone range.
However, if the price manages to make a jump and break through the 2930.00 resistance, this will be a good start for gold to display a bullish movement.
Next, the highest peak zone of around 2950.00 will return to be the focus to be reached again.
On the other hand, if the price slides below the 2900.00 level, investors should be careful with warnings for further declines in gold prices.
If the decline continues beyond the 2880.00 zone, the price can be expected to fall towards the 2800.00 level.
