GOLD Analysis – Gold Prices Soar High Almost Touching $2,000!

<p>&nbsp;Gold traded brilliantly over the past week as continued price gains hit 5-month highs.</p><p><br /></p><p>The attraction of gold as a safe-haven asset remains on the rise due to market concerns that have erupted in the wake of the turbulent conflict in the Middle East.</p><p><br /></p><p>Looking at the movement on the XAU/USD price chart which measures the value of gold against the US dollar, the price has risen almost touching the 2000.00 level at the close of trading last week.</p><p><br /></p><p>In the last session, the price made an increase from the level of 1973.00 towards the level of 2000.00, but before touching it the price retreated back down.</p><p><br /></p><p>Resuming trading at the opening earlier this week, prices started around 1970.00 with slow price movements in the Asian and European sessions.</p><p><br /></p><p>However, it can be observed that the price that tested the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart, failed to penetrate downwards.</p><p><br /></p><p>On the other hand, the price rose slowly to around 1980.00 with the expectation that last week's bullish trend will continue this week's price.</p><p><br /></p><p><br /></p><p>If the price continues to rise, the 2000.00 resistance becomes a critical level to test and the price will continue to hunt for the latest record high.</p><p><br /></p><p>A further move past that resistance is likely to lead to the latest target around 2015.00.</p><p><br /></p><p>However, if there is a change in the trend for the price of gold this week, investors need to prepare for the fall that is about to begin.</p><p><br /></p><p>The initial drop in price is seen to test the concentration zone at 1950.00 which was successfully breached during last week's rise.</p><p><br /></p><p>If it declines lower, the price will go to around 1930.00 to 1920.00.</p>