Analysis of GOLD – The price of Junam Gold is really bad! Want To Go To $1,800?
<p> Gold fell further on Friday to close September trading at a 6-month low.</p><p><br /></p><p>The pressure on gold is driven by the expectation that the Federal Reserve (Fed) will continue to raise interest rates again after this as well as seeing the projected strengthening of the US dollar for a longer period in the future.</p><p><br /></p><p>Thus, the United States (US) NFP employment data report this week will be watched which will also be the focus of the Fed.</p><p><br /></p><p>If you look at the XAU/USD chart which measures the value of gold against the US dollar, the price has plummeted to below the 1850.00 level at the end of last week.</p><p><br /></p><p>At first the decline was seen to pass the important level of 1900.00 and also 1885.00 which became the lowest level in the trading last August.</p><p><br /></p><p>This latest drop to the low is the lowest recorded since March trading.</p><p><br /></p><p>Remaining with a bearish trend signal, the price continues to be below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart where when tested last Friday, the price still failed to break through.</p><p><br /></p><p>The decline continued in the early opening of the week with the latest lows hitting around 1840.00 so far into the European session.</p><p><br /></p><p><br /></p><p>The focus will be directed at the 1830.00 level which is expected to be tested and investors will observe the price reaction around it.</p><p><br /></p><p>It is not impossible for the significant decline to continue this week with the target for the price of gold to reach 1800.00 again.</p><p><br /></p><p>However, it is also not impossible for a price spike to occur if the market situation this week changes.</p><p><br /></p><p>A surge above the 1855.00 level will test the MA50 barrier to be overcome before the price heads to the 1870.00 level.</p><p><br /></p><p>A move higher will retrace close to previous focus levels at 1885.00 and 1900.00.</p>
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