Gold Prices Steady Above $2,495 After Hitting Record High

Gold prices remain strong above $2,495 during Wednesday's Asian trading, holding onto gains after reaching a new all-time high of $2,532. Traders are cautious, considering the widespread risk aversion, and are holding off on new positions before the release of the US Federal Reserve's July meeting minutes expected later on Wednesday.

From a technical standpoint, last Friday's breakout above the triple top resistance around the $2,479-2,480 area, followed by a strong move beyond the $2,500 psychological level, served as a new catalyst for bullish traders. If the all-time-high level is broken, then the next target would be $2,575. The $2,500 round figure is likely to support the downside for gold prices near the $2,483 resistance level.