Gold investors breathed a sigh of relief when they saw the price movement pattern for the yellow metal becoming more positive again heading into the weekend trading.
Last Tuesday, the price of gold managed to record the highest level in history at a peak of $2,942 before starting to show a decline below the $2,900 level continuing trading yesterday Wednesday.
Investors were wary of early signs of a price drop after several weeks of successfully maintaining a bullish trend.
However, gold was seen trading higher again after the United States (US) inflation data was published yesterday.
Price movements on the XAU/USD chart, which measures the value of gold against the US dollar, saw the price change direction and rise again above the 2900.00 level.
The increase, which was also seen to exceed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, again signaled a bullish movement.
The slow rise in prices in the Asian session this morning reached around 2920.00 before prices leveled off early in the European session.
If the upward trend can continue, prices could return to last Tuesday's highs.
And if the attraction to gold assets remains high, prices could break new record highs before the end of this week.
However, if prices move back below the 2900.00 level, it could potentially signal a resumption of prices.
After a clear signal that drives gold's decline, prices could head up to around 2850.00 to the 2800.00 zone.
