Gold trading continued to excel yesterday with the bullish pattern continuing for the fourth day in a row continuing last week's surge.
After a significant spike in gold prices last Friday, the momentum is seen to have been successfully maintained.
The price increase that continued yesterday is seen to be close to reaching the highest price level in history for gold.
Price movements can be observed on the XAU/USD chart which measures the value of gold against the US dollar.
The surge continued at the beginning of the week starting from the 2080.00 level to the 2120.00 high following the pattern at the close of last week.
The increase that continued on Tuesday's trading yesterday saw the price reach a new high slightly above the 2140.00 level.
The level is seen to be getting closer to the all-time record price reached last December around 2144.00.
The slightly retreating price is seen moving flat around 2125.00 in trading in the Asian session this morning (Wednesday).
Remaining in a bullish trend, the price continues to be above the Moving Average 50 (MA50) support line on the 1-hour time frame of the chart.
If the price increase continues, it is not impossible for the new record to be set again after surpassing the all-time high in December 2023.
But if there is a plunge again, investors need to be prepared for drastic movements that can happen on gold trading afterwards.
The target is for the price to return towards the 2080.00 zone and the price reaction will be observed for further movement indicators.
