It is not a surprise but it still excites investors when gold trading is seen to continue to create the latest all-time high price record.
The $2,770 level previously targeted by analysts was successfully reached in yesterday's New York session, and the price continued its ascent to its new peak today (Wednesday).
The price increase as of the beginning of the European session this afternoon reached $2,789 which is the latest record for this time.
Risky market sentiment is seen driving gold's rise as a safe-haven asset that attracts investors.
The escalating unrest in the Middle East continues to be watched while investors are also wary of uncertainty ahead of the presidential election, FOMC meeting and others.
Observing the price movement on the XAU/USD chart which measures the value of gold against the US dollar, the movement pattern shows a bullish signal with yesterday's rise having surpassed last week's high of 2758.00.
The price rally has continued to new highs at the 2770.00-2780.00 target zone maintaining the bullish pattern.
Analysts still see the potential for gold prices to rise further by moving the target to 2800.00.
However, the expected price drop can happen again to around 2760.00 for price correction (correction).
If it plunges lower, the price of gold could drop to around 2710.00 which was seen as a support level last week before further decline is expected to reach around 2670.00.
