Chair Powell's dovish signals have driven gold close to its all-time high, with potential for further gains dependent on US jobs data and ongoing Fed rate cut expectations.

Gold prices have pulled back from recent highs, currently stabilizing around the $2400 mark due to a stronger US dollar. US PCE & GDP readings are now in focus.

A lower-than-expected PCE reading may contribute to a much anticipated rate cut. However, a stronger inflation reading could force the Fed to delay policy easing. The markets are pricing in a 74.3% probability of a September rate cut.

XAUUSD on a 4-hour chart has coiled into a pennant and is primed for a breakout.