Today, the price of gold reached a new record, hitting a historical high of around $2482-2483.The prevailing risk conditions (evidenced by the expanding uptrend in global stock markets) are prompting some intraday profit-taking amid a slightly overbought RSI (Relative Strength Index) on the daily chart. However, the pullback lacks any fundamental catalyst, so it is expected to be muted against anticipated Fed rate cuts in September.These expectations keep US Treasury yields close to multi-month lows, which, in turn, prevents the dollar from registering any significant recovery from the more than three-month low reached earlier this week. Accordingly, this acts as a tailwind for the price of a non-profitable asset. Therefore, any subsequent decrease in the price of the precious metal will remain limited, and can be considered as an opportunity to buy. And as a short-term incentive, we need to pay attention to the release of industrial production data in the United States.

From a technical perspective, setting a new historical high can be considered a new incentive for bulls. However, to achieve additional profits, caution is advised as oscillators on the daily chart have begun moving into the overbought zone. Therefore, any upward movement will encounter resistance and may stop near the psychological level of $2500.On the other hand, any significant drop below the previous historical high of around $2450 can now be seen as a buying opportunity, likely remaining capped slightly below this price in the area of $2430-2425. However, a convincing break lower would trigger technical selling and push the yellow metal down to the $2400 mark. Furthermore, subsequent sales below the $2388-2390 area would pave the way for deeper losses.