GOLD Analysis – Let's See if the Price Can Break $1,950 or Not!

<p>&nbsp;Looking at the XAU/USD price chart which measures the value of gold against the US dollar, the price was seen to move flat on Thursday yesterday after the market saw a surge earlier in the week.</p><p><br /></p><p>Investors are increasingly cautious as the United States (US) NFP jobs data report draws closer to publication.</p><p><br /></p><p>The ADP jobs report that was published last Wednesday seemed to give a negative initial indication for NFP following the declining numbers.</p><p><br /></p><p>The movement of gold prices will be determined by the strength of the US dollar currency with the reaction to the report published later in the New York session.</p><p><br /></p><p>As of last Wednesday, the price of gold has managed to rise almost to the level of 1950.00 before leveling off throughout Thursday yesterday below that level.</p><p><br /></p><p>Investors are wary of early signals for a bearish move as prices begin to hover below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart today.</p><p><br /></p><p>If the US dollar strengthens after this, the price is expected to plunge below 1930.00 or retest 1920.00 which is in the RBS zone (resistance becomes support).</p><p><br /></p><p><br /></p><p>If it breaks through lower, the price drop target will move to the 1900.00 level, one of the important levels that was the focus before.</p><p><br /></p><p>Meanwhile, if there is a surge, the closest resistance at 1950.00 will be broken for the price to record the latest high level.</p><p><br /></p><p>More bullish, the price will continue the previous rising pattern and potentially reach up to the height of 1980.00.</p><p><br /></p><p>It should be noted that price movements can reach a large range when the reaction to the NFP data is published because it is an important indicator for the Federal Reserve (Fed) to determine monetary policy.</p>