Gold trading slowed below $2,900 today (Wednesday) after reaching an all-time high yesterday at $2,942.
Investors still see the price movement of this safe-haven asset gold in a bullish trend that has maintained an upward pattern for 7 consecutive weeks.
The issue of the tariff war that is in the spotlight is now increasing the attraction of gold in the market with investors always sensitive to changes in current sentiment.
The slightly easing market sentiment has seen the price of gold retreat slightly from the record high reached.
Examining the XAU/USD chart that measures the value of gold against the US dollar, the price that reached a new high of 2942.00 retreated back to the level of 2900.00 before leveling off around that level in the New York session yesterday.
Continuing trading in the Asian session this morning, the price is slowly hovering below the 2900.00 zone and the price movement is currently below the Moving Average 50 (MA50) resistance line on the 1-hour time frame of the XAU/USD chart.
If the price continues to decline, the 2850.00 level is seen as the closest to be tested before the decline continues towards the RBS (resistance become support) zone at 2800.00.
On the other hand, if investors increasingly see price increases occurring, after passing the 2900.00 level, they will expect the current record high price to be challenged again.
Next, the gold price can record new highs with analysts expecting the 3000.00 level to no longer be impossible to achieve.
