GOLD Analysis – Break Through $2,030, Gold Price Peaks Up to $2,050!

<p>&nbsp;Dealing with the worse fall of the US dollar currency yesterday, gold trading showed a strong surge putting a smile on the face of investors.</p><p><br /></p><p>A dovish statement was delivered by Federal Reserve (Fed) governor Christopher Waller on Tuesday yesterday regarding the central bank's monetary policy.</p><p><br /></p><p>He who is known to be 'hawkish' has seen the need for the Fed to start considering measures to lower interest rates in the near term.</p><p><br /></p><p>The US dollar fell significantly after that even though initially the United States (US) consumer confidence data was published with positive readings.</p><p><br /></p><p>Observing the price movement on the XAU/USD chart which measures the value of gold against the US dollar, the price movement since the beginning of the week has already been above the 2000.00 level.</p><p><br /></p><p>In the Asian to European session yesterday, the price leveled off slowly around 2014.00 but was seen to remain moving above the Moving Average 50 (MA50) support level on the 1-hour time frame on the chart.</p><p><br /></p><p>Later in the New York session, the price surged strongly and modestly broke through the concentration zone at 2030.00.</p><p><br /></p><p>The price of gold reached its latest 6-month record high of 2050.00 at the start of the Asian session this morning (Wednesday).</p><p><br /></p><p><br /></p><p>However, until continuing to trade in the European session this afternoon, the price of gold is seen not to pass the level of 2050.00 that it touched, but retreated a little slowly.</p><p><br /></p><p>Even so, analysts still see the tendency for gold prices to continue rising to higher levels.</p><p><br /></p><p>The next target is likely to move at 2070.00 to 2080.00, which is the peak reached by the price during trading last May.</p><p><br /></p><p>Investors remain alert to the risk of falling prices if profit-taking activity occurs in the market for the November trade close.</p><p><br /></p><p>The price may dive back from the 2050.00 level before signaling a bearish move after that.</p><p><br /></p><p>It is likely that the price will fall back below the 2030.00 zone before heading back to the previous concentration level at 2000.00.</p>