Gold

Gold pricing remains supported above $2500 per ounce. Propped up by central banks continuing to add the precious yellow metal to their balance sheets. In addition, there has been a surge of safe-haven demand the result of concern over geopolitical hot spots, and a steady retail demand. Combined these factors have created strong price support near gold's highest value in history.

The surge in gold of $51 on August 16 took gold futures well above $2500 per ounce for the first time in history. This effectively flipped the former level of major resistance $2510 to the current level of major support. Last Tuesday the most active December contract of gold traded to $2561.40, effectively creating the current level of major resistance. 

In Wednesday's New York and Globex trading sessions, gold prices experienced a modest uptick as the U.S. dollar weakened. As of 5:50 PM EDT, December gold futures were trading at $2,526.50 per ounce, marking a slight increase of $1.70 or 0.07%. This movement comes on the heels of last Thursday's record-setting close at $2,560.30 per ounce.

The precious metals market has witnessed a remarkable phenomenon as gold prices take a momentary breather from their recent record-breaking rally. Traders and investors are now poised for the next significant driver that could propel the yellow metal to new heights.

Gold prices have retreated from recent record highs as rising yields and a strengthening dollar suggest a potentially less aggressive rate cut by the Federal Reserve. This shift comes amid a series of economic indicators that suggest a less aggressive rate-cut by the Fed next month.