GOLD Analysis – Throbbing Felt, Gold Flattened Below the $2,000 Level!

<p>&nbsp;Gold investors who were happy in previous weeks saw the yellow metal's price continue to rise, but began to be cautious again this week as prices began to move flat.</p><p><br /></p><p>It can be observed that the price movement on the XAU/USD chart, which measures the value of gold against the US dollar, maintains a bullish trend throughout the month of October.</p><p><br /></p><p>The price, which started rising at the beginning of the month when the Hamas-Israel war broke out, has finally seen the price reach the 2000.00 level at the close of trading last week.</p><p><br /></p><p>However, at the opening of the week yesterday, the price moved horizontally below the 2000.00 level, making investors cautious.</p><p><br /></p><p>In addition, the FOMC meeting and some important data including the United States (US) NFP employment report are expected to have a big impact on the US dollar this week and will also affect the movement of gold.</p><p><br /></p><p>Being one of the supporting indicators for the price, the price movement remains above the Moving Average 50 (M50) line on the 1-hour time frame on the XAU/USD chart, which indicates a sustained bullish trend.</p><p><br /></p><p>The price remains hovering slowly below the 2000.00 level until the European session this afternoon with the expectation that the level will be tested again.</p><p><br /></p><p><br /></p><p>Is the price able to overcome the 2000.00 level to continue recording the latest high level?</p><p><br /></p><p>If the bullish trend continues, the price breaking through the 2000.00 level is expected to overcome last week's high level around 2009.00 which has been reached.</p><p><br /></p><p>The target for the next high is at the 2050.00 level which was the focus of last May's trade.</p><p><br /></p><p>However, if the price instead plunges after failing to overcome the 2000.00 level, the initial decline is seen to be around 1980.00 first before falling lower.</p><p><br /></p><p>Next, the RBS (resistance become support) zone at 1950.00 will be tested like last week's trading.</p>