On Wednesday of last week, the price of gold made history with the latest record high it reached at a peak of $2,758 before prices fell again.
After the relatively flat price movement at the end of last week continued at the opening of the beginning of the week yesterday, the price of gold is seen to have returned to the peak level of last Wednesday in the increase displayed this morning.
Analysts see the advantage of owning the valuable asset as the turbulent situation in the Middle East becomes increasingly worrying.
In addition to Israel and Iran retaliating against each other, the Russia-Ukraine war situation is also observed when the United States (US) and North Korea heat up the atmosphere.
Thus, it is not impossible for the price of gold to continue to record new highs and break the record again this week.
Observed the movement on the XAU/USD chart which measures the value of gold against the US dollar, the price which was flat below the level of 2750.00 yesterday was seen to rise beyond that level in the Asian session this morning.
The price increase reached around 2757.00 with the potential to surpass last week's record.
Analysts see the bullish movement of the gold price to continue as the price remains above the Moving Average 50 (MA50) support line on the 1-hour time frame of the chart.
The price increase if it surpasses the previous record is expected to reach up to around 2770.00-2780.00 for its latest record.
However, be alert if the price plummets after testing its peak level with the occurrence of profit-taking activities by market players.
A significant fall in the price of gold could pass the level reached last week around 2710.00 before heading to a lower target at the 2670.00 zone.
