The eyes of gold investors widened to see what happened to gold trading today.
New history was made again when the price of gold managed to soar to the latest all-time high after a successful rise that broke the record recorded last December 2023.
Yesterday the price passed the level of $2,140 and today the increase continued again seeing the price continue to carve new history reaching the highest price around $2,160.
The continuous depreciation of the US dollar is a factor supporting the increase in the value of gold in the market.
However, investors remain on the lookout for any surprises as investors await the US NFP jobs data report due later in the week.
Examining the XAU/USD price chart which measures the value of gold against the US dollar, the price is seen to have maintained a rising pattern for the sixth day in a row.
The price is slowly leveling off at the latest high around 2160.00 with the expectation that higher gains will continue to hunt for new historical records.
This is a level that the price has never reached before and analysts place a target around the height of 2200.00 as the closest focus.
For a price drop if a pullback occurs, the 2140.00 zone will be tested along with the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
If the price drops lower, it is likely that investors will identify an indication of a trend change and the price can be expected to make a decline towards 2080.00 again.
