Market analysts and gold investors are very excited right now because they are watching the history that is being shown on the current gold movement.
This is because the price of gold is trading at a new all-time high which has never been seen after breaking the record in December last year.
Until trading resumes in the European session this afternoon (Friday), gold prices continue to soar to record new highs.
Investors are closely watching price movements on the XAU/USD chart which measures the value of gold against the US dollar throughout the week.
It turns out that the surge in prices at the end of last week had a significant impact on the movement of gold this week which is seen to maintain the positive momentum.
Starting trading early at the 2080.00 level, the price of gold continued to be driven higher to break through the important zone at 2140.00 last Wednesday.
On Thursday yesterday, the movement pattern was slower but the price remained showing an increase and recorded the latest record high price around 2164.00.
The movement pattern remains bullish with the price still seen to remain above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
As of this evening's European session, the price of gold recorded the latest high reaching 2168.00 and the trend is expected to continue.
In fact, a higher jump is not impossible to happen as the market will react to the important data later tonight, which is the United States (US) NFP employment report.
The target of 2200.00 can be reached or the price of gold can 'fly' even higher.
But be careful if the price plunge happens again, investors need to prepare for a bad scenario for this yellow metal.
A drop below the level of 2140.00 could be an early sign for a bearish trend that expects the price to go up to the level of 2080.00 as before again.
