GOLD Analysis – Investors Speculate Gold Price Crawls At $1,920

<p>&nbsp;Gold investors remain anxious watching the movement of the price of the yellow metal which is still uncertain at the beginning of the week.</p><p><br /></p><p>Influencing the movement of gold, the US dollar currency traded cautiously at the early opening of the week yesterday.</p><p><br /></p><p>The king of the currency showed a slight decline but investors are still waiting for a clearer signal on the direction of further movement.</p><p><br /></p><p>Therefore, the United States (US) inflation data that will be published on Wednesday will be awaited in addition to providing an indication of the direction of the Federal Reserve's (Fed) monetary policy ahead of next week's FOMC meeting.</p><p><br /></p><p>For now, the price on the XAU/USD chart that measures the value of gold against the US dollar is still flat in the 1920.00 zone.</p><p><br /></p><p>The slow rise that was displayed yesterday just tested the 1930.00 level like the pattern that was displayed last Friday.</p><p><br /></p><p>The price has retreated back down and is back near the 1920.00 level until early trading in the European session today (Tuesday).</p><p><br /></p><p><br /></p><p>The price that has started to be below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart is an early warning for the risk of a possible price drop.</p><p><br /></p><p>If the price starts to take a dive, investors can expect the price to return to the 1900.00 concentration zone in addition to continuing the bearish trend of the previous week.</p><p><br /></p><p>For the extension of the downward pattern, the support level of 1885.00 which was tested in the trade last August will wait to be hit again.</p><p><br /></p><p>On the other hand, if the 1920.00 support remains immune to being breached, the price of gold is likely to bounce back up to test the 1930.00 level.</p><p><br /></p><p>Next, the price increase will go to the resistance zone at 1950.00 after being tested at the beginning of last September.</p>