GOLD Analysis – Endless Fall, Gold Has Reached $1,950!

<p>&nbsp;White-eyed gold investors can only see the price of the yellow metal continue to slide lower until the end of the week.</p><p><br /></p><p>Analysts had already anticipated a bearish pattern this week after the $2,000 price level failed to break through last week.</p><p><br /></p><p>As shown on the XAU/USD price chart which measures the value of gold against the US dollar, the price has maintained a bearish pattern since the opening of trading early last week.</p><p><br /></p><p>After last Friday's surge when the NFP jobs data was published, prices that reached the highs of 2000.00 have retreated before prices opened lower earlier in the week.</p><p><br /></p><p>After that, a continuous decline was exhibited with the price staying below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the XAU/USD chart.</p><p><br /></p><p>Exceeding the 1980.00 level, the price continued its decline reaching 1957.00 last Tuesday.</p><p><br /></p><p>Then, the decline continued again on Wednesday yesterday until the price finally reached the concentration level at 1950.00.</p><p><br /></p><p><br /></p><p>The price movement hovered slowly around that in the Asian session, but in the European session there were signs for the price to continue falling lower.</p><p><br /></p><p>If the bearish pattern continues, the price is seen to head towards around 1930.00 before reaching the 1920.00 level to test that important support.</p><p><br /></p><p>But if the price manages to bounce back from the 1950.00 zone, the MA50 barrier will try to be crossed before signaling a change in the bullish trend.</p><p><br /></p><p>The price increase will continue to penetrate the 1980.00 zone before retargeting to reach the 2000.00 level.</p>