GOLD Analysis – Gold Price Remains Hovering in the 'Magnet' Zone of $2,030

<p>&nbsp;Gold trading on Tuesday yesterday remained 'sad' with mixed price movements without a clear direction.</p><p><br /></p><p>Investors are cautious ahead of the release of United States (US) inflation data on Thursday which is expected to drive the direction of gold's movement at the end of the week.</p><p><br /></p><p>But right now, investors are witnessing the movement of gold which is still in 'bearish' mode from the opening of the beginning of the week.</p><p><br /></p><p>This can be observed on the XAU/USD chart which measures the value of gold against the US dollar.</p><p><br /></p><p>After a fairly significant drop in prices last Monday, attempts to rise again appeared on Tuesday yesterday.</p><p><br /></p><p>However, in the New York session the price was pushed down again and remained hovering in the focus zone at 2030.00.</p><p><br /></p><p>As an indication of the price's current moving average, the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart is still seen as a resistance for prices to show a recovery.</p><p><br /></p><p><br /></p><p>If this situation continues until tomorrow's US inflation data, a further drop in gold prices is expected.</p><p><br /></p><p>The risk of the closest fall in price is to the concentration level of 2000.00.</p><p><br /></p><p>However, if the price of gold manages to jump again from the 2030.00 zone, the 2050.00 level will be the next obstacle to be tested.</p><p><br /></p><p>Passing it will encourage a higher increase towards the target in the 2070.00 to 2080.00 zone.</p>