Expecting good performance for gold trading towards the end of this week, investors were excited to see the price increase displayed on Tuesday yesterday.
Analysts who assess the market sentiment is still at risk are seen to give an advantage to the safe-haven asset gold to maintain the price at its peak level.
The issue of the global tariff war and the Russia-Ukraine war negotiations are among the current market focus.
If examined on the XAU/USD chart which measures the value of gold against the US dollar, the price has made an increase starting from the 2900.00 level in the early session of the Asian session yesterday and then approached the 2940.00 zone at the end of the New York session.
The zone has been an important resistance tested by the price since last week after the all-time high of the gold price was recorded at 2942.00.
The price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart is giving a bullish signal, but the price is seen stalling at the 2940.00 resistance in Asian trading this morning.
If the price increase manages to overcome this resistance, the latest gold record will be broken again.
Several targets close to the price before reaching the 3000.00 level are seen at 2950.00 and 2980.00 for new highs.
However, if the 2940.00 resistance fails to be overcome, the gold price is likely to show a decline back towards 2900.00.
Continuing the decline lower, the RBS (resistance become support) zone of 2880.00 will be tested as in previous weeks.
