Once again surprising the market and adding to the excitement of investors, the price of gold managed to break the latest all-time high record this morning.
With the uncertainty of the market in addition to the depreciation of the US dollar, the attraction of gold is seen to be increasing since last week.
After the inflation data of the United States (US) had a weakening effect on the US dollar, gold prices gradually climbed to higher levels and finally managed to challenge the record reached last April.
Observing the movement on the XAU/USD chart which measures the value of gold against the US dollar, the price of gold has made an increase until the end of last week reaching a height of around 2420.00.
The price remains moving in a bullish trend that is above the Moving Average 50 (MA50) support line on the 1-hour time frame of the chart.
The bullish pattern continued at the opening of the first session earlier this week and continued to see the 2430.00 zone breached.
Gold's latest record high is 2450.00 so far this afternoon's European session.
It is not impossible for the price increase to continue after this if the momentum of last week is successfully maintained.
Could the price be able to reach up to the level of 2500.00?
But be careful if the price starts to drop below the 2430.00 zone which risks a significant price drop again.
If a massive sell-off of gold occurs, the price could plunge again towards 2300.00.
See the XAU/USD price chart image below for your technical analysis reference.
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