GOLD Analysis – Has Passed $2,050, Is Gold Going to Reach $2,070?

<p>The movement of gold price fluctuations intensified on Thursday's trading yesterday which made investors more excited at the end of the week.</p><p><br /></p><p>This is due to the significant jump in price that was displayed in the New York session yesterday to reach the latest 4-week high.</p><p><br /></p><p>But before the surge happened, the price of gold initially showed a decline first.</p><p><br /></p><p>If you look at the XAU/USD chart that measures the value of gold against the US dollar yesterday, the price hovering below the 2050.00 zone has made a significant drop until it reaches the 2030.00 zone again.</p><p><br /></p><p>Investors initially saw it as an early signal for a bearish trend change following the decline which also made the price below the Moving Average 50 (MA50) barrier line on the 1-hour time frame of the chart.</p><p><br /></p><p>However, as soon as it briefly tested the 2030.00 zone, the price made a drastic jump to penetrate 2050.00 following the significant depreciation factor that occurred on the US dollar in the New York session.</p><p><br /></p><p>Recent highs were reached around the 2065.00 high before the price retreated slightly to close the session's close at the 2055.00 level.</p><p><br /></p><p><br /></p><p>The price movement remained flat at the closing level until it continued in the Asian and European sessions today.</p><p><br /></p><p>The focus is now on the United States (US) NFP employment data report that will be published in the New York session shortly and will influence the movement of gold.</p><p><br /></p><p>If the price continues to rise, the increase is expected to reach the level of 2070.00 to continue to record the latest high level after this.</p><p><br /></p><p>However, if the price plunges again below 2050.00, it is possible that the price of gold is at risk of experiencing a decline again towards the 2030.00 zone.</p><p><br /></p><p>That is one of the closest concentration zones for gold trading for movement at the end of this week's sessions.</p>