Gold pauses around record highsXAU/USD SpotFX:XAUUSDMichael_Stark_ExnessGold reached a new all-time closing high around $3,645 on 10 September as expectations shifted clearly towards a more dovish Fed later this year, with a cut now expected at each of the three upcoming meetings. Gold has also gained ground and the dollar lost after much weaker job data in recent months. The reaction to the latest inflation data meanwhile was more muted since this was in line with expectations. $3,650 seems like a possible resistance as a fairly round number but this isn’t confirmed yet; the price is likely to break above there at least temporarily around the Fed’s meeting on 17 September. There has been clear buying saturation for some time based on both the slow stochastic and Bollinger Bands. $3,250 is confirmed as an area of support with three unsuccessful tests since May. However, broad fundamentals make a short-term movement that far down unlikely. The 50 SMA from Bands around $3,500 might be an important dynamic support around the Fed’s meeting if the initial reaction is negative. This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.