GOLD Analysis – Gold Trading Will Be 'Heart Exercise' For Investors!

<p>&nbsp;There was no significant change in the gold price movement for the past few days which remained flat towards the end of the week.</p><p><br /></p><p>However, analysts expect that there will be a significant reaction displayed in the New York session shortly when the focus is entirely on the United States (US) NFP employment data report.</p><p><br /></p><p>This will be an important indicator in the market especially for the Federal Reserve (Fed) in setting their next monetary policy.</p><p><br /></p><p>The majority of the market sees policy easing as the direction the Fed is heading through 2024, so tonight's data will be an additional indication of that expectation.</p><p><br /></p><p>Looking at the XAU/USD chart which measures the value of gold against the US dollar, the price maintained a flat pattern for the fourth day in a row after a sharp plunge earlier in the week.</p><p><br /></p><p>The price has seen a decline from the all-time high of 2140.00, plunging to around 2010.00 last Tuesday.</p><p><br /></p><p>Then the price is flat in the 2020.00-2030.00 zone until today (Friday).</p><p><br /></p><p><br /></p><p>The price movement on Thursday yesterday which was seen crossing above the Moving Average 50 (MA50) support line gave a little relief to investors as an early signal for the probability that the price will recover and make an increase again.</p><p><br /></p><p>However, everything will depend on the reading of the NFP report shortly, and the situation has kept investors on guard for the past few days.</p><p><br /></p><p>If gold prices manage to bounce back, the initial resistance at 2050.00 will be in focus before the rally continues to the 2070.00 target.</p><p><br /></p><p>On the other hand if the price of gold plunges, investors will expect a price reaction to be shown at the 2000.00 concentration level.</p><p><br /></p><p>Trading in the New York session is expected to be risky with volatile price movements, therefore investors are advised to carefully control their respective trading risks.</p>