As expected, the price of gold this week managed to break the latest all-time high after surpassing the record last May.
Gold's impetus is from growing expectations for the implementation of interest rate cuts by the Federal Reserve (Fed) through the latest speech delivered by Chairman Jerome Powell.
Investors are excited to watch price movements on the XAU/USD chart which measures the value of gold against the US dollar.
The price testing the 2430.00 concentration level bounced back strongly in yesterday's New York session and finally reached the 2470.00 high at the end of the session.
Price momentum was maintained at the early opening of the Asian session this morning (Wednesday) saw the latest record high continue to be recorded again reaching 2482.00.
After marking the latest high, the price started to decline for a while and resumed the opening in the European session, it seems that the price is slowly hovering around the 2465.00 level.
Optimistic investors expect the rise in gold prices to continue as long as the price is still above the 2450.00 level.
The price of gold still tends to continue its climb to a new peak and analysts target up to the 2500.00 level.
However, investors still need to be careful with sudden price drops as there is a possibility of profit taking in the market.
The price can plunge back to the 2430.00 focus zone which is currently seen as a support level when making the price.
In addition to the Fed's interest rate cut sentiment, investors will also be watching for the latest indicators that could influence gold's current movement.
