Today gold continued setting another historical record, supported by favorable fundamentals. According to the FedWatch tool developed by CME Group, the market is nearly certain — with a probability above 90% — that the U.S. Federal Reserve will cut the key interest rate by 25 basis points following its two-day meeting on September 17. Moreover, traders expect at least two such cuts before the end of the year, which continues to support gold prices despite its relative unattractiveness as an asset.

At the same time, U.S. President Donald Trump is increasing pressure on Fed Chair Jerome Powell to lower rates. Additional concerns arose after Trump's decision to remove Fed Governor Lisa Cook from office over alleged mortgage fraud, raising questions about the central bank's independence and effectiveness without political interference. Against the backdrop of trade uncertainty, this has helped push XAU/USD to new all-time highs.

On Tuesday, Trump announced his intention to appeal to the U.S. Supreme Court to expedite the review of tariff-related cases that were ruled unlawful by the appellate court last week. This prospect adds another layer of uncertainty to financial markets, as the Supreme Court's decision could significantly affect the macroeconomic outlook, which is seen as another factor supporting demand for gold as a safe-haven asset.

Gold also gained support from weak U.S. JOLTS Job Openings data.

From a technical perspective, yesterday's breakout above the psychological level of 3,500 confirmed the breach of a three-month trading range and strengthened expectations of further growth. However, attention should be paid to the RSI — the daily relative strength index — which is in overbought territory, suggesting waiting for consolidation or a minor pullback before the next move upward. Next, the precious metal may continue its uptrend into uncharted territory, aiming for the round level of 3,600.

At the same time, any corrective pullback may find support near 3,525. Further decline is likely to attract new buyers and remain limited to the former all-time high around 3,500. This level now serves as a base, and a breakout below it would trigger technical selling, opening the path toward the round level of 3,400, with intermediate support around 3,440.