Although the momentum is a bit confused, the rise in gold prices still managed to continue on Thursday trading yesterday.
Following the movement of the US dollar that boosted gold at the end of yesterday's New York session which was weak, the yellow metal asset's trading cheered investors.
This can be seen in the movement on the XAU/USD price chart which measures the value of gold against the US dollar reaching the latest high at the end of the New York session.
Slightly off the highs reached earlier last week, gold prices have touched levels around 1935.00 for a 9-month record high.
Investors are still optimistic about the movement of gold which gives a bullish signal when the price is above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart.
Prior to this, the price showing a decline was still holding above the 1900.00 zone.
But with the surge pattern that was displayed on Thursday yesterday, gold is expected to end the week's trading at a higher level.
The price increase if successfully continued in the last session is targeted to reach the concentration level at 1950.00.
It is likely that the level can also be overcome for the price to continue hunting for the latest record high.
However, if the price decline occurs again, investors expect the price to remain above the 1900.00 level which will be tested.
If the breakout is lower, being an early sign of a trend change will make investors prepare for a lower price drop.
The price will drop towards the concentration zone at 1870.00 again and after continuing the decline, the 1830.00 zone will welcome the price.
