Despite starting lower at the opening of the first trading session earlier this week, gold managed to continue strengthening its value after a strong performance at the close of last week.
Current factors that can affect market sentiment are currently being monitored for investors to evaluate gold price movements.
In addition to the development of the Iran-Israel war, the focus is also on China, which announced the biggest economic stimulus plan since the financial crisis of 2007-2008.
Price movements on the XAU/USD chart which measures the value of gold against the US dollar continue to be observed.
Scanning the movements of the past week, the price of gold has shown a fall and almost touched the level of 2600.00 before showing a convincing increase again.
From the 2600.00 zone, the price has managed to climb to a height of 2660.00 at the end of the last session of the week.
However, at the opening of the Asian session this morning, prices started slightly lower and fell to around 2643.00 before rebounding to record a recent high above last week's high.
The price is getting closer to the level of 2670.00 which is the focus of investors following the early trading of last October, several attempts to increase the price failed in the resistance zone.
If the subsequent rally succeeds in overcoming the zone, the price of gold has the potential to break another recent record high in history.
However, if there is still an attempt to rise in the 2670.00 zone, the price of gold is at risk of falling again.
It is not impossible for this week the price of gold to drop back to around 2600.00 which is one of the focus zones for prices.
