GOLD Analysis – Falling Close to $1,900, Gold Price Has Recovered?

<p>&nbsp;Gold prices are showing signs of recovery as trading heads into the final sessions for the week.</p><p><br /></p><p>In yesterday's Thursday trading, the price of gold showed a decline almost reaching the concentration level of $1,900 but rebounded again.</p><p><br /></p><p>The initial price drop was driven by the strengthening of the US dollar currency in the New York session yesterday with economic data from the United States (US) including retail sales and the producer price index (PPI) recording encouraging readings.</p><p><br /></p><p>However, the price of gold, which was pushed down, managed to recover and show a rise again until the Asian session this morning (Friday).</p><p><br /></p><p>This can be seen on the XAU/USD price chart which measures the value of gold against the US dollar with the decline in the New York session almost touching the 1900.00 level which is the price concentration zone.</p><p><br /></p><p>However, a price rebound was displayed before the price closed the trade at the end of the session around 1910.00.</p><p><br /></p><p>After the price started above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart, a bullish trend appeared in the Asian session after the initial signal of a bullish trend change.</p><p><br /></p><p><br /></p><p>Continuing to the European session, the price is seen hovering again at the previous concentration level which is 1920.00 which is an obstacle for the current price.</p><p><br /></p><p>If the price increase continues past 1920.00, the 1930.00 level will be the target and the price will try to overcome the height at the beginning of the week.</p><p><br /></p><p>Next, only then will the target move to a higher level with a more clear bullish movement towards 1950.00.</p><p><br /></p><p>Meanwhile, if the price reverses to make another decline, the price is likely to test the 1900.00 support zone like yesterday's trading.</p><p><br /></p><p>If it breaks through lower, the support at 1885.00 is expected to be tested which has become the focus of trading last August.</p>