GOLD Analysis – Gold Hits $2,015, Will Fall to $2,000?

<p>&nbsp;As investors had feared, gold continued its decline in continued trading earlier this week after last week's negative signal.</p><p><br /></p><p>This follows the United States (US) NFP employment report which was published with an encouraging reading last Friday, making the US dollar stronger and also putting pressure on gold prices.</p><p><br /></p><p>This situation is expected to continue with the tendency for the US dollar to continue to show excellent performance this week.</p><p><br /></p><p>On the XAU/USD chart, which measures the value of gold against the US dollar, the price plunged last Friday below the 2050.00 level up to the 2030.00 zone.</p><p><br /></p><p>Trading resumed on Monday yesterday, the price dropped lower to reach around 2015.00 surpassing the price movement throughout the last week.</p><p><br /></p><p>However, the price bounced back to the 2030.00 zone in continued trading today (Tuesday).</p><p><br /></p><p>Gold price movements are still seen moving in a bearish trend below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the XAU/USD chart.</p><p><br /></p><p><br /></p><p>Lower declines are expected if prices fail to break above the 2030.00 zone.</p><p><br /></p><p>The 2015.00 level that was reached yesterday is likely to be breached again before the price decline continues towards the concentration zone at 2000.00.</p><p><br /></p><p>However, if the price of gold successfully jumps past the 2030.00 zone, the MA50 barrier will also be overcome and this will be an early signal for a change in the bullish trend.</p><p><br /></p><p>The price increase is likely to go towards 2050.00 to display a reaction before the higher target will move at 2070.00 if the increase is successful.</p>