Gold – Bulls Might Pause Before Final Push to Record High; Focus on US Jobs Data

Gold prices climbed to a two-week high of $2462 on Thursday but showed signs of potential stall, as recent gains from $2353 formed a long-legged Doji on the daily chart.

The overbought conditions suggest that bulls might pause before reaching the record high of $2483. To maintain a bullish near-term outlook, the price needs to consolidate or correct slightly but stay above the $2410/$2400 range.

The recent rise in gold prices was driven by a dovish Fed stance and signals of a possible rate cut in September. Additionally, geopolitical factors, including increasing political instability and the threat of escalating conflicts in the Middle East, have bolstered gold as a safe-haven asset.

Attention now turns to Friday’s US labor report for July, which could impact the Fed’s rate cut expectations if job growth significantly surpasses forecasts.

Res: 2462; 2474; 2483; 2500
Sup: 2430; 2410; 2400; 2376