Initially, the $2000 price level was the psychological support level for the Gold market after it had hit strong resistance at the $2041 price level. A strong bearish move was triggered at the resistance level but was stopped slightly below the expected support level of $2000. Yet again, in today’s market, we see the bear market breaking the support level and pushing further into the demand zone. The dollar recovery may be a contributing factor to this. 
The Market from the Daily Chart Point of View
The breaking of the support level and the crossing below the 20-day moving average are encouraging traders as bearish sentiment continues to grow. The Gold market may experience more downside action, and the next stop for the bear market may be the $1958 price level of March 27. And at the new support level, the bull market may find the strength to bounce back.
The Market From the 4-Hour Chart Point of View
From the 4-hour point of view on the market, the nearest support level could be the $1972 price level, but it also seems the bulls are trying to come into the market from the $1984 level. If this new support level turns out to be successful, the mini-bear market could be suspended. From the point of view of the Bollinger Bands indicator, the market is still within the boundaries of a ranging market. The bears will have to break below the support level before they can confirm the trend. Therefore, the bulls are still in the game, and they can turn the market to the upside.
Fundamental Overview
Investors are putting their money into the US Dollar Index, while policymakers at the Federal Reserve persistently push for more interest rate increments while denying concern about an impending US economic recession. Data on weekly unemployment claims announced on Thursday confirmed the weakening labour situation. According to the data, weekly jobless claims rose to 245,000, above both the consensus estimate and the previous announcement estimate for the week ending April 14 of 240,000.
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