GOLD Analysis – 'Happy' Investors, Gold Takes a Different Direction This Week

<p>&nbsp;Gold seems to be shining even more at the opening of the third quarter of this year when its price recovered from the previous continuous fall.</p><p><br /></p><p>Driven by the weak movement of the US dollar following gloomy US manufacturing sector survey data, gold took advantage of the space to increase its value in the market.</p><p><br /></p><p>Investors are watching price movements on the XAU/USD chart which measures the value of gold against the US dollar earlier this week.</p><p><br /></p><p>After a surge in price from the 1900.00 zone, the price slowed for a while below the 1920.00 level which became a resistance for further increases.</p><p><br /></p><p>Holding above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart, the price of gold showed a surge in yesterday's New York session passing the resistance at 1920.00.</p><p><br /></p><p>The price that reached the height of 1930.00 however retreated again to close the trade at the end of the session slowly around 1920.00 again.</p><p><br /></p><p>Starting the trading session of Asia today (Tuesday) slowly, the price tried to continue to rise again until it entered the European session but did not show such a significant movement.</p><p><br /></p><p><br /></p><p>If the price increase continues beyond yesterday's highs, the next gold price is seen to test the 1940.00 zone before climbing again to the next concentration zone at 1950.00.</p><p><br /></p><p>However, if this rising pattern fails to be maintained, investors need to prepare for a further fall in gold prices for the bearish trend of the previous weeks to continue again.</p><p><br /></p><p>The price drop if it passes the 1920.00 level will then move lower towards the support zone at 1920.00.</p><p><br /></p><p>Extending the decline beyond that important zone would expect the price of gold to fall to around 1870.00.</p>