Gold hit a new record of $3,220, its highest level in existence, so far.
The surge in the price of safe assets continued this week in a market environment that is still risky with the uncertainty of the global tariff war.
Although President Donald Trump announced a 90-day tariff deferral, the increase in tariffs on China still continues.
As of the end of this week, the import tariffs imposed by the United States on China were 145%, up from 125% previously.
The tension of the trade war between the world's two largest economies will continue to drag the global market down while the advantage will be in favor of gold.
The XAU/USD price chart, which measures the value of gold against the US dollar, saw a price surge in the New York session yesterday, surpassing the 3150.00 level and then successfully surpassing the record 3167.00 last week.
The price continued to rise towards new highs with a height of 3220.00 reached in the Asian session trading this morning (Friday) before retreating slightly in the European session.
There is no change in the current gold price pattern which maintains a bullish signal heading into the end of the week trading.
It would not be a surprise for investors if the gold price still records the latest high in these final sessions.
Will the next target of 3300.00 be reached?
If the price decline occurs, it is likely that the 3150.00 zone will be approached again.
The price reaction at this important zone can signal a trend change or the price will resume the upward pattern.
