GOLD Analysis – Gold Drops to Newest 3-Month Low!

<p>&nbsp;The change in the trading of the US dollar currency on Tuesday yesterday has affected the movement of the current gold price.</p><p><br /></p><p>And it is not a positive thing for investors.</p><p><br /></p><p>The price of gold fell following the strengthening of the US dollar, which was supported by the release of economic data from the United States (US) with overall positive readings.</p><p><br /></p><p>Examining the XAU/USD price chart that measures the value of gold against the US dollar yesterday, the price hovering around below the 1930.00 level is seen to be unsuccessful in continuing to rise to a higher level.</p><p><br /></p><p>After the reaction to the data published in the New York session, the price is seen to start falling below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart which is an early signal for an impending decline.</p><p><br /></p><p>After clearly plunging past 1920.00, the price has reached around 1911.00 at the end of last week's support zone testing session.</p><p><br /></p><p>Slow price movement resumed trading in the Asian session this morning (Wednesday) around 1915.00 before showing a decline early in the European session to break through yesterday's price support.</p><p><br /></p><p><br /></p><p>The further decline in price is seen to continue towards the focus zone at 1900.00 as previously expected by analysts.</p><p><br /></p><p>The price of gold will also record a new 3-month low if the decline continues.</p><p><br /></p><p>Meanwhile, if there is a change in price direction again, the price that made the increase will try to pass 1920.00 before testing the resistance zone at 1930.00.</p><p><br /></p><p>Next, the target for the continued increase is to reach the 1950.00 zone again which was an important focus zone for the price before.</p>