As expected, the price of gold once again broke the record high in history by maintaining the bullish movement pattern from last week.
The continued depreciation of the US dollar helped open the way for the value of gold to rise in the market.
Meanwhile, the ongoing conflict in the Middle East maintains the attraction of the gold safe-haven asset by investors even though market sentiment is seen to be recovering slightly at the moment.
Investors are looking at interesting movements on the XAU/USD chart which measures the value of gold against the US dollar.
At the close of last week, the price has managed to jump above the 2500.00 level with the expectation that the situation will continue at the beginning of the week.
But on Monday yesterday, the increase did not succeed in continuing instead the price just hovered around the 2500.00 zone.
Investors remain optimistic with a bullish price signal seen to remain above the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart.
Price movement remained flat continuing trading in the Asian session this morning, hovering above the 2500.00 level.
Early trading in the European session saw prices regain strength to soar and record new historic highs.
As of 4 pm, the price of gold is at 2513.00 with the momentum seen to continue to lift the price to a higher level.
However, be alert if the price drops back below the 2500.00 level, it will be an early sign of a trend change.
The price could collapse again to fall lower with some initial targets of price focus areas such as 2480.00 and 2430.00.
