Starting this week trading with a bang, gold broke the all-time high record again surpassing last week's trading level.
The yellow metal asset is seen to remain an attraction for investors in a risky market environment with a focus on the issue of global tariff wars.
President Donald Trump at the end of last week stated that he would announce reciprocal tariffs on many countries.
Trump's 25% tariffs on steel and aluminum imports this week are seen to reignite the trade war that has erupted.
Gold prices rose towards $2,900 as a new target for a record ATH while continuing to maintain a bullish pattern since January trading.
Examining the XAU/USD chart that measures the value of gold against the US dollar, the price has risen to 2887.00 as a record high last week before retreating again during the reaction to the NFP jobs report.
Resuming trading at the opening earlier this week, the price opened around 2855.00 in the Asian session this morning before continuing to rise near the target level of 2900.00.
The price has reached a height of 2890.00 in the European session, which is hunting for its new record high by continuing the bullish pattern for 2 consecutive months.
There are still no signs of a change in trend with the gold price remaining above the Moving Average 50 (MA50) support line on the 1-hour time frame on the XAU/USD chart.
However, if the price starts to change direction to make a decline again, investors need to be careful.
The price could drop again towards around the 2800.00 focus zone.
