GOLD Analysis – Finally, Gold Prices Rise Again!

<p>&nbsp;Gold trading continues to be excellent continuing trading today (Wednesday) when the price managed to reach the latest high level again.</p><p><br /></p><p>Last Friday, the price of gold reached $1,930 at the end of last week as gold as a safe-haven asset gained traction as unrest in the Middle East intensified.</p><p><br /></p><p>However, the movement of gold prices was flat from the beginning of the week until yesterday before the increase continued today.</p><p><br /></p><p>The price movement is translated on the XAU/USD chart which measures the value of gold against the US dollar.</p><p><br /></p><p>After last week's surge to 1930.00, the price then leveled off at the 1920.00 zone earlier this week.</p><p><br /></p><p>But despite moving horizontally, analysts still see a bullish price signal that is above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart.</p><p><br /></p><p>The price rally continued in the Asian session this morning until it reached a recent high of around 1940.00.</p><p><br /></p><p>The price then flattened around those highs continuing trading into the European session.</p><p><br /></p><p><br /></p><p>A higher rise will be expected to continue the price to further test the important zone which is at 1950.00.</p><p><br /></p><p>This is the resistance zone that was last tested at the end of August but the price failed to break through.</p><p><br /></p><p>If the price of gold shows a fall again, the 1920.00 level is seen as support that is retested by the price.</p><p><br /></p><p>If it breaks through and the price also drops below the MA50 support, this will be a bad sign for the risk of gold prices plunging.</p><p><br /></p><p>The initial decline is seen to approach the concentration level at 1900.00.</p>