Gold moved strongly on Wednesday, seeing the price break yet another record high after a flat movement earlier in the week.
As of 4 pm local time, the price of gold has reached its latest all-time high of $3,300.
The momentum shown shows that gold still has the potential to continue to record new highs as previously predicted by analysts.
This situation is due to the ongoing uncertainty in the market with the tariff war between the world's two giant economies that is seen as yet to find an end.
Most recently, the United States was reported to have imposed additional tariffs on China to an absurd amount, which is up to 245%!.
Thus, investors saw a strong increase in the price of gold today on the XAU/USD chart, which measures the value of gold against the US dollar.
The price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart maintains a bullish signal for gold.
The rise began in the Asian session, surpassing the high reached last week around 3246.00 and continuing to climb in the European session to the peak zone of 3300.00.
It is not impossible for the price of gold to continue to reach new highs in the next trading session.
After the height of 3300.00 was reached, analysts shifted the target to a new level at 3500.00.
However, the price of gold is also at risk of falling after reaching its new peak.
It is possible that the price could decline again to the 3240.00-3220.00 zone and the price reaction will be observed for further price movement assessment.
