Unashamedly, the price of gold continued to climb to new highs until this morning, setting new all-time highs.
The $2,300 zone became the highest price reached with the trend remaining positive for gold throughout the week.
Since the beginning of the week, prices have made new highs each day as investors watch current factors in the market affecting the safe-haven asset.
In addition to the tension of the geopolitical conflict in the Middle East that is getting worse, the situation of the re-decreasing of the US dollar in the market also helps to increase the price of gold to a higher level.
Investors continue to examine price movements on the XAU/USD chart which measures the value of gold against the US dollar.
The continued price increase was seen to have reached the 2300.00 zone at the beginning of the Asian session this morning before the price slowly retreated to continue the opening trade of the European session.
The price movement remains in a bullish trend that is above the Moving Average 50 (MA50) support line on the 1-hour time frame of the chart.
Higher increases are expected to occur for gold to continue to make strides to set new historical records.
The next target is likely to be at 2400.00 or up to the level of 2500.00 set by the analyst before.
For the expectation of a price drop, the zone around 2265.00 is seen as an important zone that is likely to invite a price reaction like yesterday.
If the price breaks lower to the bottom, the target for a further decline in price is the previous 2220.00 zone.
