GOLD Analysis – Successfully Holds Above $2,030, Gold Tries Toward $2,050

<p>Gold trading at the opening of the week yesterday showed a rather mixed movement as questions about the outcome of the FOMC meeting still lingered in the market.</p><p><br /></p><p>The impact of the meeting will have a big impact on the US dollar and at the same time affect the current movement of gold.</p><p><br /></p><p>On Monday yesterday, the attempt to increase the price was shown to reach the height of last week's level, but the price fell again in the New York session.</p><p><br /></p><p>Examining the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to reach a level of around 2037.00.</p><p><br /></p><p>However, after testing the highs that were also tested last week, the level remained a resistance for the price to see the decline happen again in the New York session.</p><p><br /></p><p>The price dropped to around 2022.00 but is supported to rise again after touching the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart.</p><p><br /></p><p>The price flattened slowly in the 2030.00 zone at the opening of the Asian session this morning (Tuesday) before a rise was exhibited at the beginning of the European session past the previous high of 2037.00.</p><p><br /></p><p><br /></p><p>But the price momentum is still slow as investors are still cautiously observing the current market situation which is uncertain.</p><p><br /></p><p>The price increase if it continues after this is seen to test the level of 2050.00 which will also record the latest high level for gold.</p><p><br /></p><p>A higher jump can be expected as a result of the reaction after the FOMC meeting and the release of important data this week.</p><p><br /></p><p>However, a price plunge can also be expected to happen, seeing the price of gold drop significantly again.</p><p><br /></p><p>A dip below the 2030.00 zone can push the price lower towards the 2000.00 concentration zone.</p>

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