Gold Price Forecast: XAU/USD shouts for a correction at fresh highs past $3,650

LONDON (September 9) Gold keeps marching higher on Tuesday and has reached a fresh all-time high above $3,650. The pair, however, looks beyond overstretched after a 10% rally from August 20, with most timeframes heavily overbought, sending a severe warning for buyers.

The precious metal is drawing support from market expectations of a sharp cut in US employment figures at today’s BLS Benchmark Nonfarm Payrolls Revision, due later on the day. Market sources have flagged a slash of 800,000 jobs, which would add pressure on the Fed to cut rates by 50 basis points next week.

FXStreet