• Gold price jumps to near $3,550 amid meltdown in bonds globally.
• Rising bonds yields indicate mounting fiscal concerns.
• Investors await key US JOLTS Job Openings data for July.

Gold price (XAU/USD) extends its winning streak for the seventh trading day on Wednesday. The precious metal posts a fresh all-time high near $3,550 as investors have dumped long-dated government bonds across the globe.

Lower yields on interest-bearing assets increase demand for non-yielding assets, such as Gold.

Surging government bond yields signify mounting concerns over government fiscal debt, which often lead to a decline in welfare spending, and henceforth increases appeal of safe-haven bets.

Another reason behind strength in the Gold price is firm expectations that the Federal Reserve (Fed) will cut interest rates in the policy meeting this month. According to the CME FedWatch tool, there is an almost 92% chance that the Fed will cut interest rates in the September policy meeting.

Lower interest rates by the Fed bode well for non-yielding assets, such as Gold.

Lately, Federal Open Market Committee (FOMC) members supported interest rate cuts amid escalating downside employment risks.

Meanwhile, investors await United States (US) JOLTS Job Openings data for July, which will be published at 14:00 GMT. Investors will pay close attention to the job data to get cues about the current status of the labor demand.

US employers are expected to have posted fresh 7.4 million jobs, almost in line with the prior reading of 7.44 million.
 

Gold technical analysis

Gold price trades in uncharted territory after a breakout of the Symmetrical Triangle formation on a daily timeframe. A breakout of the above-mentioned chart pattern often leads to high volume and wider ticks on the upside.

Rising 20-day Exponential Moving Average (EMA) around $3,410 indicates that the near-term trend is bullish.

The 14-day Relative Strength Index (RSI) jumps to near 75.00. A corrective move in the Gold price looks likely as the momentum oscillator turns overbought.

Looking down, the 20-day will act as key support for the major. On the upside, the round figure of $3,600 would be the key hurdle for the pair.
 

Gold daily chart

(Click on image to enlarge)

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