Gold price pauses record-rally, as focus shifts to Powell speech

Gold price extends its consolidative mode just below the record high reached near $2670 on Wednesday, as buyers turn cautious in the lead-up to a raft of speeches from US Federal Reserve policymakers due later on Thursday.Nothing changes for Gold price from a short-term technical perspective, as it remains in extremely overbought territory, suggesting that a meaningful correction could be in the offing.

The 14-day Relative Strength Index (RSI) flirts with the 76 level, at the moment.If buyers regain lost momentum, acceptance above the record high near $2,670 is critical to unleashing further upside toward the $2,700 barrier.Conversely, any correction in Gold price will likely test the September 24 low of $2,623, below which the $2,600 threshold will come into play.