GOLD Analysis – Gold Suddenly Soars To $1,930 Over The Weekend

<p>&nbsp;A bit of a surprise to the market at the end of last week's trade when gold returned to shine again, making investors smile.</p><p><br /></p><p>The strengthening pressure of the US dollar at the end of a slightly gloomy week gave room for gold prices to recover.</p><p><br /></p><p>In addition, the yield of the United States (US) treasury, which shows signs of decreasing, also affects the current gold price movement.</p><p><br /></p><p>On the XAU/USD chart which measures the value of gold against the US dollar saw the price fall near the 1900.00 level last Thursday before the price rebounded on Friday.</p><p><br /></p><p>The price advance managed to break above the 1920.00 level and reach the 1930.00 high in the last session, but retreated slightly to close the session's closing trade around 1923.00.</p><p><br /></p><p>Resuming trading at the beginning of the week, the price showed an increase but was still stuck at the 1930.00 level and retreated again in the European session.</p><p><br /></p><p><br /></p><p>With the expected bullish pattern to continue today, the price needs to break through the 1930.00 zone first before continuing to rise higher.</p><p><br /></p><p>If it continues, the price will reach the height of 1950.00 again which became an important obstacle for the price of gold last August.</p><p><br /></p><p>However, if there is another decline in the price like the pattern displayed last week, a drop below the 1920.00 level would expect the price to head back to the 1900.00 level.</p><p><br /></p><p>After a clear bearish signal is displayed, the price will risk falling below 1900.00 and the support level of 1885.00 will be tested.</p>