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.

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%.

The precious metals market has witnessed a remarkable phenomenon as gold prices take a momentary breather from their recent record-breaking rally.