Gold still does not want to stop the momentum of the price climbing until today!
The attraction to gold as a safe-haven asset is still noticeable until the end of the week.
Every day of the week, investors watched the price of gold rise to new highs.
Added to this, the decline that occurred on the US dollar after the dovish speech reaction by the Chairman of the Federal Reserve (Fed) Jerome Powell, continued to give more space to the yellow metal.
If you look at the XAU/USD chart which measures the value of gold against the US dollar, the price is slowly leveling off in the 1950.00 zone in the Asian session connected to the European session yesterday.
But in the next session, the price has shown a surge to reach the concentration zone of 1980.00 until trading continues today (Friday).
Until the European session, the price is still hovering slowly at that height and the movement above the support of the Moving Average 50 (MA50) on the 1-hour time frame on the XAU/USD chart remains a bullish signal for the price of gold.
Next, the price increase will be expected to reach the level of 2000.00.
This would break the record high in July trading for the price to hit a 5-month high.
However, the risk of a price drop at the end of the week remains and investors will be more alert for any possibility.
If the price decline occurs, the price is seen to return to testing the 1950.00 zone before the shift in the price trend will push the price to fall back to around 1920.00 which was the focus before.
