Today's market analysis and strategy

Gold prices climbed past $2,600, recording new all-time highs amid increasing speculation that the Federal Reserve (Fed) will continue to lower borrowing costs and heightened tensions between Israel and Hezbollah in the Middle East. The XAU/USD trades at $2,621, up 1.37%.

The three major indexes on Wall Street all fell back by between 0.26% and 0.31%. A Federal Reserve official said that a 50 basis point cut was appropriate, citing expectations that the personal consumption expenditure price index in August would be very low.

Gold opened near 2620 and rose to a high of around 2621 by press time, with a low of around 2619. Keep an eye on the resistance levels of 2630-2640-2650. If these levels are not breached, a test of 2560-2590-2580 will be conducted.