Gold is still attracting investors when seeing the price still showing an increase at the close of trading last week.
Furthermore, the global market situation is also shaken by the trade war between the United States (US) and Europe.
President Donald Trump threatened to impose a 50% tariff on imported goods from Europe and is also considering a 25% tariff on Apple iPhone products and other smartphones made outside of America.
After a rather tense situation, the market was calmed down for a while with a grace period set on July 9 as the deadline for a trade agreement to be reached.
Also examining the XAU/USD chart which measures the value of gold against the US dollar, the price which made a decline below the 3300.00 level on Thursday triggered an early warning for the fall to begin.
However, the price gained a strengthening momentum again at the end of the week with an increase above 3300.00 and closed the last session trading at the highest level of the week around 3360.00.
Prices opened slightly lower at the start of the week with a slow move below the 3350.00 level.
However, prices still above the Moving Average 50 (MA50) support line on the 1-hour chart still suggest a bullish signal.
For expectations of continued gains, prices will target the 3400.00 zone after a decline in prices from that zone since early May.
Next, the all-time high of 3500.00 will be challenged if the bullish pattern continues.
Conversely, if prices show a decline again, the 3300.00 level will be watched as an important signal of a price change boundary.
After a bearish signal of prices moving below the MA50 line, prices risk plunging back towards 3200.00 or lower.
