Gold maintained excellent trading as investors witnessed a new record high for gold created again today (Thursday) which surpassed the $2,950 level.
Risk-off market sentiment was influenced by the tension of the Russia-Ukraine war negotiations held in Saudi Arabia and also the announcement of new tariffs by President Donald Trump.
In addition to giving an advantage to safe-haven currencies such as the Yen and the US dollar, safe assets such as gold also enjoyed a positive price increase towards the end of this week.
If examined on the XAU/USD chart which measures the value of gold against the US dollar, the price of gold tested the 2940.00 zone again yesterday Wednesday.
With a height of around 2947.00 reached as a new record, the price of gold retreated back down in the New York session to around 2920.00.
From a technical perspective, the price tested the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart before rebounding to continue its rise into the Asian session this morning (Thursday).
After returning to the resistance zone of 2940.00, the bullish pattern for gold continued in the European session, seeing new records broken again and as of 4.30 pm, the price had recorded the latest all-time high at 2954.00.
With the pattern displayed, the gold price is likely to continue to hunt for new highs with analysts targeting 3000.00.
However, if the price dips below the 2940.00 zone again, it is likely that a decline will be shown again for the price to approach around 2900.00.
A signal of a trend change will be observed if the bullish pattern fails for the price to defend after this.
