The price of gold continues to set record highs in its history this year so it is no longer a source of excitement for investors.
Still, investors were happy to see the yellow metal's continued surge in value with the latest highs reached at the opening earlier this week around $2,732.
This became the latest high after the price managed to surpass the record set at the end of September.
Examining the movement on the XAU/USD chart that measures the value of gold against the US dollar, the price that is above the support line of the Moving Average 50 (MA50) on the 1-hour time frame on the chart still signals for the bearish trend to continue.
On the closing Friday of last week, the price of gold managed to surpass the analysts' expected level of 2700.00 before closing the trade in the last session around the height of 2720.00.
With the momentum still maintained at the beginning of the week, the price rally is far from over and investors are likely to see the latest price record being created again.
Analysts shift their latest target expectations to several price levels, including around 2770.00 for gold's extended upside.
However, if the price decline occurs, the important zone that will be observed is at 2670.00 which will signal the direction of further price movement.
A drop below the zone would be a bearish signal for gold to start a downward pattern from the current high zone.
