Gold prices are now targeting a record $3,500 again?
More positive than last week, gold trading since the opening of the week has shown an upward price pattern.
Demand for the safe-haven asset has begun to show an increase while the market situation is still uncertain with the focus on new developments in global tariffs.
Movements on the XAU/USD chart, which measures the value of gold against the US dollar, have given investors a positive signal following the price increase that successfully broke out of the horizontal range several weeks ago.
The price increase that began at the beginning of the week was seen testing the 3400.00 level, which became an important boundary before the 'breakout' occurred on Tuesday.
The price broke through the 3400.00 level with a high of around 3430.00 reached in the New York session yesterday before the price movement began to slow down.
Despite the flat price movement in the ongoing Asian and early European sessions today (Wednesday), investors are still optimistic that the gold price will continue to rise.
With the increase having already passed 3400.00, the target is at 3500.00 with the potential to break a new gold record.
However, if the price starts to decline and moves below the Moving Average 50 (MA50) support line on the 1-hour chart, it will provide an early warning that a price drop is about to begin.
Gold prices could fall back to around 3300.00 or even lower if the attraction to the yellow metal fades.
