After the price slipped in the opening trade at the beginning of the week, gold has stabilized again when it successfully showed an increase again on Tuesday.
Investors were relieved to see gold trading above the $2,900 level again with expectations of attraction to the safe asset still intact.
However, investors need to remain vigilant with the ongoing volatility in the market influenced by various reactions due to the ongoing tariff war issue.
Judging by the movement of the XAU/USD chart which measures the value of gold against the US dollar, the price fell at the beginning of the week approaching the 2880.00 zone, among the previous focus levels in gold trading.
However, the price changed direction on Tuesday yesterday which showed an increase again starting from the Asian session to the New York session.
Passing the 2900.00 level, the price reached a height of around 2920.00 which is then expected to overcome last week's resistance at 2930.00.
The bullish trend signal returned to gold after the price that made the increase also crossed the Moving Average 50 (MA50) line on the 1-hour time frame on the XAU/USD chart.
Expectations for a higher price increase if continued will surpass last week's level before heading towards the peak zone of 2950.00.
If the 2950.00 zone is also successfully surpassed, gold will create new history for the highest price record of all time.
However, if the price retreats below 2900.00 again, investors will be on the lookout for a price drop like the situation at the beginning of the week.
If the 2880.00 zone fails to curb the fall, the gold price risks plunging to around 2800.00 again.
