Although the price movement seems to be flat in the range zone last week, the gold price actually managed to record a new record high yesterday after slightly exceeding last week's level.
The all-time high (ATH) that was successfully recorded yesterday was around $2,956 with the price still seen hovering in that high zone since last week.
Gold's bullish pattern still remains with a continuous increase since last year's trading which continues to hunt for its latest record high.
If you look at the XAU/USD chart which measures the value of gold against the US dollar, the price hovered around the 2950.00 zone from last week until the beginning of this week.
Yesterday Monday saw the price rise to 2956.00 for its new record before continuing to show a decline again.
Starting the Asian session trading this morning (Tuesday) at around 2950.00, the price then showed a decline to 2930.00 and began to move below the Moving Average 50 (MA50) line on the 1-hour time frame on the chart.
If the price moves further away from the 2950.00 resistance zone, it is likely that the level around 2900.00 will return to be the price stopover again.
Sinking below that level will expect the RBS (resistance become support) zone of 2980.00 to be tested as in the past few weeks.
However, investors are still optimistic that the gold price increase will continue by maintaining the previous bullish pattern.
If it manages to pass the 2950.00 zone, it is not surprising for investors to see the latest gold price record broken again after this.
