Gold has not been acting like a proper safe haven due to the fact that a full-blown trade war has not yet been triggered, but this may change once tariffs are implemented, said Gary Wagner, editor of theGoldForecast.com.

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Gold prices spiked Friday as all eyes were on Fed chair Janet Yellen and European Central Bank president Mario Draghi’s speeches at this year’s Jackson Hole symposium in Wyoming. The metal traded in the green, last at $1,295.90 an ounce. However, one gold expert is still waiting for the metal to close above key resistance before he becomes ultra-bullish.

Gold prices managed to move into positive territory Wednesday afternoon following the U.S. Federal Reserve's July meeting, which had a dovish tone. December gold rose $3.20 to settle at $1,282.90 an ounce. The rally comes after the metal came close to hitting the key psychological level of $1,300 last.

After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26.

"We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '

After rising for three straight sessions, gold came down $1.40 an ounce at $1,217.70 on Thursday. ‘Right now, we hit an intraday low this week at around $1,204 so to me there is some hope that $1,200 will hold as a support level," said Gary Wagner, editor of thegoldforecast.com.

The gold market saw additional selling pressure in late-afternoon trading Wednesday, following the early release of former FBI director James Comey’s testimony scheduled for Thursday. However, to technical analyst Gary Wagner, this knee-jerk reaction is a necessary correction in gold’s overall rally. ‘We might go into period of consolidation but overall I am bullish,’ he told Kitco News.

Gold prices continue to hold on to small gains after initial weekly U.S. jobless claims saw muted change, rising by 1,000 to a seasonally adjusted 234,000 in the week to Saturday, the government said. Gold was already showing some modest gains ahead of the report and was relatively unchanged in initial reaction. June Comex gold futures last traded at $1,257 an ounce, up 0.31% on the day.

Gold prices saw some volatility Friday, first moving higher as it caught a safe-haven bid following President Trump's missile strike on Syria and the release of weaker jobs data in the U.S. However, the yellow metal fell under pressure later in the trading session after hitting a five-month high overnight. Can gold's regain momentum and move higher next week?

Gold prices ended the U.S. day session moderately up and hit a four-week high following last week's uptick. New money is flowing into gold, said Gary Wagner, publisher of the goldforecast.com, on Monday.