Gold trading rekindled investors' excitement as the price reached an all-time high (ATH) of around $2,685 yesterday.
After witnessing a decline in value in the previous week, the yellow metal returned to show a rebound showing the appeal of safe-haven assets that remain high.
Investors are still monitoring the situation of the Iran-Israel war and China's economic stimulus plan which may affect the current gold price movement in the market.
Looking at the movement of the XAU/USD chart which measures the value of gold against the US dollar, the price has posted a 3-day gain in a row with yesterday's rise on Wednesday touching back the highs of 2685.00 before retreating again.
The increase in gold prices failed to break the latest record before falling to around 2670.00 in the New York session yesterday.
The price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart still indicates a bullish trend for gold.
Trading in the Asian and European sessions today is seen as still showing an attempt to break the latest record that was hovering at the ATH level before.
Investors are gearing up to witness a new all-time high for gold with possible price increases in the coming sessions.
The 2700.00 level is the closest target expected by analysts.
However, it will be a risky signal if the price starts to gradually fall below the 2670.00 level to start a bearish pattern.
If clear indications put pressure on gold trading, the price could fall back towards the 2600.00 zone.
