The gold price has consolidated around $3,640-3,660 per ounce, close to record highs. Growing expectations of rate cuts in the US, weak labor market data and geopolitical uncertainty increase demand for gold as a protective asset. Resistance levels are around $3,680-$3,700 and support is at $3,600-$3,620. Traders should consider the possibility of a pullback, especially if inflation data shows an acceleration.