GOLD Analysis – Gold Recovers to Rise to $2,030 Level

<p>&nbsp;The recovery in gold prices is showing again since Thursday's trading yesterday after investors have seen the price fall from the beginning of the week almost reaching the $2,000 level.</p><p><br /></p><p>Prices rose slowly and continued into the European session this afternoon (Friday). Investors are alert for the risk of price movement in the last session for this week.</p><p><br /></p><p>The strengthening momentum of the US dollar that has subsided a bit gives room for gold to rise at the end of the week.</p><p><br /></p><p>Even so, the US dollar is still trading well at the highest level in 1 month when the economic data of the United States (US) is published with a positive reading.</p><p><br /></p><p>Examining the XAU/USD price chart which measures the value of gold against the US dollar, the decline in prices that continued last Wednesday almost touched the 2000.00 level before a rebound was displayed.</p><p><br /></p><p>Slow price movement in the Asian session today (Friday) with the increase continuing into the next session to around the 2030.00 level.</p><p><br /></p><p><br /></p><p>The price that has started to move above the Moving Average 50 (MA50) support level on the 1-hour time frame on the chart gives an early signal for a change to a bullish trend.</p><p><br /></p><p>The upside can be expected to continue higher if the price breaks through the 2030.00 zone with a target to reach around 2050.00 or 2060.00.</p><p><br /></p><p>However, if the decline occurs again below the MA50 support, the 2000.00 level will be the target again to be tested.</p><p><br /></p><p>A drop lower will display a bearish movement of the gold price towards the next concentration zone at 1970.00 in addition to recording a recent low.</p>