September US consumer confidence survey data published weak to the lowest level in three years has given the gold price a boost by posting a new all-time high.
However, the strengthening of the US dollar on Wednesday's trading yesterday limited the increase in gold prices to $2670.00, witnessing a more flat movement pattern.
Investors are being careful with the data that will be released tonight, namely the US GDP, US jobless claims and Fed chairman Jerome Powell's speech.
On the XAU/USD chart which measures the value of gold against the US dollar, the price has made a decline to around the 2650.00 level on Wednesday after making a new 'ATH' of 2670.00 this week.
Horizontal price movement between the range of 2650.00-2670.00 until the Asian trading session this morning (Thursday).
For a higher rise above the 2670.00 high, market analysts expect the gold price potential to reach up to 2700.00 for its latest historical record.
On the other hand, if prices do not continue to rise, investors are ready for a further drop in prices if data such as US GDP, unemployment claims and speeches from Powell can cause the US dollar to strengthen again.
The 2600.00 level will be the first target to be tested if the price has started to decline to test the RBS (resistance become support) zone of the focus.
Important prices in the past week such as 2530.00, 2500.00 and 2470.00 will be potential prices that will be monitored by investors if the price of gold continues to fall.
