Gate Analyst: After hitting a new high, the technical indicators for gold show warnings, follow the risk of a price pullback.

The spot gold price has remained stable after reaching a historic high, currently trading at around $2033 per ounce. Gate's senior analysts have conducted an in-depth analysis of the gold price trends.

Analysts pointed out that gold prices fell back after hitting a historic high near $2050/ounce earlier on Wednesday. Market attention has now shifted to U.S. employment data, particularly the upcoming JOLTS job openings report.

It is worth noting that due to the relative strength index (RSI) still being in the severely overbought zone on the daily chart, there is a risk of a correction in gold prices.

This Tuesday, spot gold closed up $57.04, an increase of 1.64%, at $2033.35 per ounce. On Wednesday during the early Asian trading session, the gold price further climbed to a new record high of $2046.98 per ounce.

The U.S. Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey data at 10:00 AM local time on Wednesday (JOLTS). Economists expect the July JOLTS job openings number to be 7.378 million. This report is one of the labor market indicators that the Federal Reserve closely monitors.

Analysts indicate that the market is currently focused on the U.S. JOLTS job openings survey to be released on Wednesday, which will set the tone for a series of important U.S. employment data, with the most attention on Friday's non-farm payroll report. U.S. employment data will be key in assessing the health of the country's labor market, which remains an important consideration for the Federal Reserve's decision-making.

In addition, analysts added that the record surge in gold prices may face the threat of a synchronized strengthening of the dollar. If U.S. economic data performs strongly, it could support a rebound in the dollar, thereby limiting the upside potential for gold prices.

Technical Analysis of Gold

From a technical perspective, gold has a pullback risk. The main reason is that the 14-day Relative Strength Index (RSI) is still in the severely overbought zone, with the indicator currently close to 75.

If a corrective decline occurs, the gold price may first test the initial support level of $2000 per ounce. If it falls below this level, the low of $1970 per ounce on Tuesday will become the next key support. If the decline intensifies, sellers may target the weekly low near $1937 per ounce.

However, the golden cross pattern of the 21-day simple moving average (SMA) and the 50-day moving average may limit the downside to some extent.

On the other hand, if buying pressure regains dominance, the next resistance level for gold prices will be at the psychological level of $2050 per ounce. If this level is broken, the market will turn its attention to the round number of $2100 per ounce.

As of the time of publication, the spot gold price is $2033.14 per ounce.