Gold prices on Wednesday continued their multi-day rally, ending trading on the Comex exchange up 0.6% to $2154.85 per troy ounce. Quotes are trading near the highest level in history, which they approached on Tuesday, writes the agency "Prime". This was the sixth consecutive day of growth. The driver was the upcoming speech of Fed Chairman Jerome Powell, at which investors expect to hear information regarding his plans to reduce the key rate.

A rate cut is usually a stimulus for gold. In addition, players are cautious on equities, fearing the market's transition to a downturn in the near term. According to Commerzbank analyst Carsten Fritsch, whose words, reports "Prime", these conditions have spurred interest in gold.

When the relative strength index of spot gold reaches 70 points, it indicates overbought. Now it is much higher - at the level of 78 points. According to the expert, the precious metal is waiting for a correction in the future, as it has shown too much growth in a short period of time.