Gold prices has extended above the $3700 level for the 1st time.
The rise is being driven by strong US data and anticipation of the Fed’s policy decision Wednesday. Retail sales and import prices surprised to the upside, but labor market softness has markets expecting a 25bps rate cut, the first since December, with potential easing into 2026.
From a technical perspective, the August price lows found solid support just ahead of the 100-day moving average (blue line), reinforcing the longer-term bullish bias. The $3452–$3500 zone, once broken on September 2, was subsequently retested and held, providing a strong confirmation of the breakout and serving as a clear bullish signal for market participants.
Following that move, the market spent much of last week consolidating off the highs, allowing momentum to reset. That pause proved healthy, as buyers stepped back in, driving the price to new all-time highs yesterday. The upward momentum has carried over into today’s session, suggesting traders remain confident and positioned for further gains.
The US dollar is moving lower versus all the major currency pairs. The biggest moveer is the USDCHF with a decline of -0.84%. The greenback is only down marginally vs the AUD and the NZD, however.
