It was no surprise to investors when they saw gold continue to create its latest all-time high price record throughout this week.
Previously, the gold price has been showing a positive movement pattern for several weeks with an increase that surpassed the previous record recorded in October 2024.
The uncertain and risky market atmosphere maintains investors’ attraction to the safe-haven asset gold, especially during the transition of a new administration in the United States (US) in early 2025.
Examining the movement on the XAU/USD chart which measures the value of gold against the US dollar, the price showed an increase to a new high yesterday reaching 2882.00.
The price movement if observed remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart which shows a bullish signal for gold.
Flattening around 2870.00 in the Asian session this morning, the price decreased slightly in early trading in the European session approaching the MA50 support.
Investors remain optimistic for higher gold gains with a target heading towards 2900.00.
The latest record high for gold will continue to be recorded if there is no sign of a change in price direction.
However, if the price begins to decline below the MA50 support, investors will start to prepare for early signs of a fall.
The price decline is expected to first approach the focus zone at 2800.00 before the reaction around that will be watched for further movement indications.
A fall lower will push the price to test the RBS (resistance become support) zone at 2770.00 before going lower.
