XAU/USD Gold Price Prediction: Time Is An Investor's Weapon

<p>&nbsp;Gold has traded below the $2,000 price level in the European session today. Gold is seen to have repeatedly failed to break through the $2,010 price level thus indicating that investors are now waiting for the right opportunity before continuing to buy.</p><p><br /></p><p>The New York session market will close today following the "Thanksgiving" holiday, prompting investors to refrain from aggressive business transactions.</p><p><br /></p><p>Nevertheless, the 'dovish' sentiment that has been released by the Fed recently continues to be the main factor in driving the movement of gold.</p><p><br /></p><p>Technical Analysis</p><p><br /></p><p><br /></p><p>If gold is seen to be able to break through the $2,000 price level, the next resistance is around $,2010.</p><p><br /></p><p>The sentiment of the gold market is now seen to be more on the side of the "buyer". Therefore, the continued extension of the price can reach up to $2,022-$2,040. But if it's the other way around, the $1,988 level is expected to be the price floor before continuing to fall into the $1,978 and $1,965 price levels.</p><p><br /></p><p>Any aggressive movement can drive the price of gold to continue falling to the level of $1,940.</p><p><br /></p><p>As such, investors are now seen waiting for the next US economic indicator on Friday which is the S&amp;P Global PMI data. The initial expected data is seen to increase positively to a reading level of 49.8 for manufacturing while 50.4 for the PMI service data reading.</p>