Gold prices reached their latest highs today after Donald Trump's inauguration as the 47th President of the United States (US) took place yesterday.
Throughout yesterday's New York session, gold prices simply moved horizontally in a slow range with investors remaining vigilant with the risk of volatile movements that could occur.
Price movements were observed on the XAU/USD chart which measures the value of gold against the US dollar with a bullish pattern that was successfully maintained.
Last week, gold prices reached a high of 2724.00 before retreating slightly at the end of the week.
On Monday, gold prices leveled off above the 2700.00 zone before the rise began in the Asian session this morning (Tuesday) with a surge that surpassed last week's level.
At the beginning of the European session, gold prices climbed to new heights around 2730.00 with expectations that prices will continue to rise higher.
The next target for gold if it successfully maintains its upward trend is to reach the 2770.00 level.
If the opposite situation occurs, the gold price retreating down to below the 2700.00 level will be a warning for a change in the bearish trend.
The price decline will return to the RBS (resistance become support) zone at 2670.00 and the price reaction will be observed for further direction.
