Gold trading retreated again at the end of last week after displaying a continuous upward pattern from previous weeks.
A new all-time high was successfully achieved last Thursday reaching $3,057 by maintaining a bullish trend in an uncertain market environment.
As analysts expected, the attraction of gold as a safe-haven asset remains the choice of investors as the tariff war continues with the heat increasingly felt towards April.
Observing the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to have started to decline after reaching a record high of 3057.00.
The decline in the final session of the weekend returned to the focus level at 3000.00 before rebounding slightly.
The price has started to move below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the chart, making investors cautious for a change in trend.
The price movement hovered around 3020.00 at the opening earlier this week and still remains below the MA50.
If a bearish pattern is displayed, the 3000.00 level which is currently the support for the price will be broken.
The price will then continue to decline lower with the target heading towards the 2950.00 zone.
However, if the price strongly surges at the beginning of the week, breaking through the MA50 barrier could push the gold price to continue rising again.
Next, the latest record high for gold prices could be recorded again with analysts setting a target at 3100.00.
