Gold prices opened the week’s trading on a notable increase of 1.4%, hitting an all-time high of $3949 per ounce. The yellow metal is also on track to extend its gains for a second consecutive session.

Gold is currently trading within a bullish channel, hovering near the first weekly resistance level at $3934. If gold manages to hold above the aforesaid level, it could be a strong signal that it will continue to break records towards $3982.

On the downside, if gold fails to settle above the first weekly resistance level at $3934, it will lose positive momentum and may retest the weekly pivot point at $3849. If the price settles below the pivot point, it could retreat towards $3800 then $3715.

From a fundamental standpoint, the focus will turn to September’s nonfarm payrolls report, now scheduled for release this Friday, which could offer valuable insight into the health of the U.S. labor market. The report was initially set to be published last Friday but was postponed due to the ongoing government shutdown.

Economists are anticipating that the U.S. economy added 52,000 jobs this month, compared to a job gain of 22,000 in August. The unemployment rate is expected to remain unchanged at 4.3%.

On Wednesday, traders will turn their attention to the minutes of the Federal Reserve’s September meeting, where policymakers delivered the first rate cut since December, indicating a shift toward prioritizing labor market support over stubborn inflation risks.

Officials also indicated that they expect to roll out further rate reductions at the Fed’s two final meetings of the year in October and December.

Finally, all eyes are on Federal Reserve Chair Jerome Powell’s upcoming speech this week, as markets seek fresh signals on the Fed’s next policy moves amid heightened uncertainty.