Gold is likely to continue attracting attention at the beginning of the week after reaching a new all-time high last Friday, surpassing the significant level of $3,000 per ounce for the first time. The commodity went through a period of consolidation in a two-week pennant pattern before breaking above the pattern's upper trendline last Thursday, indicating a continuation of its long-term upward trend. Through bars pattern analysis, which involves comparing the price bars from the asset's uptrend last year with the breakout point on Thursday, a projected upward target of approximately $3,365 is anticipated. It is important for investors to monitor key support levels on the gold chart located near $2,833, $2,790, and $2,721.

The recent surge in gold prices was fueled by investor interest in the safe-haven asset amidst concerns over the Trump administration's trade policies potentially impeding economic growth and increasing inflation. Gold rose by 2.6% last week and has seen a 14% increase since the beginning of the year as of Friday's close. In contrast, the S&P 500 stock index has declined by about 8% from its recent peak, impacted by the prevailing political and economic uncertainties.

The breakout from the pennant pattern last week, along with the relative strength index (RSI) indicating bullish momentum with a reading above 50, suggests the potential for further upward movement, although a move into overbought territory could elevate the likelihood of short-term profit-taking. By examining the bars pattern on the gold chart, investors can anticipate how a continued upward trend in the commodity might unfold, with a target price of around $3,365 per ounce, which is approximately 13% higher than Friday's closing price. Based on historical trends, a similar upward move in gold could extend until early June this year if the price action follows a similar pattern as seen in the past.