Gold started trading early this week slowly, with prices still holding above the $3,000 level after the decline shown at the close of last week.
Gold managed to record a new all-time high last week at a peak of $3,057 before retreating again towards the end of the week.
Although it seems to have faded a bit, analysts believe that the attraction to gold is still high with the uncertain market situation.
Especially with the new round of Trump tariffs that will begin in early April, gold investors will be more vigilant for any possibility.
Examining the XAU/USD chart that measures the value of gold against the US dollar, the price is still hovering above the 3000.00 zone at the beginning of this week after the price dropped to that level last week.
The price rose to around 3030.00 in the European session before retreating back down to near 3000.00 towards the end of the New York session.
The price increase is also seen to be hindered by the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the XAU/USD chart, which is showing a bearish signal.
The price decline is expected to continue but must first pass the 3000.00 zone, which is the current support for gold prices.
If the price starts to decline below that zone, investors are ready to expect a lower decline to occur towards the end of this week.
The target is for the price to go around the previous focus zone at 2950.00.
However, if the 3000.00 zone remains as support and supports the price to bounce back, gold has the potential to shine brighter at the end of March.
The height of 3057.00 will be challenged for the price increase to continue before a new record is broken again.
