GOLD Analysis – Will Gold Fall Again This Week?

<p>Gold price movements were still flat at the beginning of the week yesterday, showing no clear direction as the market continued to wait for new indications.</p><p><br /></p><p>The United States (US) market, which was closed in conjunction with the Labor Day holiday yesterday, also made the movement of the US dollar flat after showing significant movement last Friday in reaction to the published NFP employment report.</p><p><br /></p><p>Therefore, the US dollar which affects the fluctuation of the gold value in the market also affects the horizontal movement of the yellow metal.</p><p><br /></p><p>It can be observed on the XAU/USD chart that measures the value of gold against the US dollar, the price remains hovering below the 1950.00 zone which failed to break through after being tested last Friday.</p><p><br /></p><p>After closing the New York session around 1938.00, prices resumed trading in the Asian session this morning (Tuesday) still flat around that before a slight decline was shown in the European session.</p><p><br /></p><p>The bearish signal is still evaluated following the price moving below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the XAU/USD chart.</p><p><br /></p><p><br /></p><p>If the price drops below the 1930.00 level, this will be a sign that the price will continue to drop further towards the RBS (resistance becomes support) zone at 1920.00.</p><p><br /></p><p>On the other hand, if the price of gold manages to rise again, the MA50 barrier will try to be crossed before the resistance level of 1950.00 will be tested again.</p><p><br /></p><p>A move higher that manages to break through that level would set a new 5-week high for gold and continue the previous bullish trend.</p>