Gold trading came as a shock in the market but gave joy to investors with the surge in the value of the precious yellow metal.
On the XAU/USD price chart which measures the value of gold against the US dollar has seen the price jump 300 pips and has broken the resistance zone of 1830.00.
The attraction to gold is seen to be driven by rising geopolitical tensions between Ukraine and Russia making safe-haven assets a focus.
In addition, the annual inflation rate based on data published by the world's major economies also added to the attraction of gold asset deposits.
After patiently waiting, investors are finally satisfied to see the price of gold hit the latest 8 -week high.
The price jumped from the level of 1810.00 to the level of 1843.00 after passing the resistance of 1830.00.
The price movement above the Moving Average 50 (MA50) support level on the 1 -hour time frame has signaled a bullish trend for gold.
After a surge until the end of the New York session, the price started moving slowly and horizontally in the Asian and European sessions today (Thursday).
With the pattern displayed, the price increase is expected to test the zone around 1850.00 before heading to the high of 1870.00.
This level is the highest zone reached by the price in trading for the last 7 months.
In the event of a further decline, the 1830.00 level which was the previous resistance will be the price support level forming the latest RBS (resistance become support) zone.
If it fails, the price could fall lower and could possibly head back to the 1800.00 focus level.
