GOLD Analysis – More Critical For Gold When It Falls Below $1,920!

<p>&nbsp;Unstoppable, gold prices continued to fall to deeper bottoms on Wednesday trading yesterday as uncertainty hit the market ahead of today's United States (US) inflation data report.</p><p><br /></p><p>Usually putting pressure on the price of gold, the US dollar is not seen to show significant strengthening when it moves more gloomily yesterday.</p><p><br /></p><p>Analysts see the appeal of gold assets fading even as risk-on market sentiment has traditionally pushed investors to safe-haven assets.</p><p><br /></p><p>On the XAU/USD chart which measures the value of gold against the US dollar has seen the price plunge below the important level of 1920.00.</p><p><br /></p><p>Looking at the price movement, the rise that started in the Asian session yesterday failed to cross the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart before bouncing back down.</p><p><br /></p><p>This became an early signal for the price to fall which could later be seen in the New York session when the price reached the 1914.00 level.</p><p><br /></p><p><br /></p><p>Continuing trading in the Asian and European sessions today, the price moved relatively flat below the 1920.00 level which became a resistance for the price.</p><p><br /></p><p>If the price continues to decline further, the latest 5-week low will be recorded with the price forecast to reach the 1900.00 concentration level.</p><p><br /></p><p>However, if the price manages to soar above the 1920.00 level and break through the MA50 barrier, that will be an indication to investors for a change to the bullish trend for gold.</p><p><br /></p><p>The continued increase will react to some previous focus zones such as 1930.00 before heading to the 1950.00 zone again.</p>