Gold prices opened the week’s trading on a notable increase of 1.5%, hitting an all-time high of $3,819 per ounce. The yellow metal is also on track to extend its gains for a third consecutive session.

Gold is currently trading near the bullish channel’s upper line, looking to break above and stability to continue its record-smashing spree, heading towards $3852.

On the downside, if gold fails to stabilize above the upper line of the channel, it will lose its positive momentum to retest the daily pivot point at $3745. If the price holds beneath the pivot point, it may decline to support levels of $3698 then $3637.

From a fundamental standpoint, the focus will turn to September’s nonfarm payrolls report due on Friday, which could provide a glimpse into the state of the American labor market.

Economists are anticipating that the U.S. economy added 51,000 jobs this month, compared to a job gain of 22,000 in August. The unemployment rate is expected to remain unchanged at 4.3%.

In addition, the Institute for Supply Management’s Purchasing Managers’ Index, tracking the performance of services and manufacturing sectors in the United States are likely to grab attention.

Finally, investors will carefully monitor comments from members of the U.S. Federal Open Market Committee this week, which could have a notable impact on gold prices.