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The precious metal broke a new record with prices easily trading above the $2050 handle.

This puts gold prices, up over 4% this month already.

It comes on the back of a solid four-month gain, which has seen a 25% increase so far. Given the current set up, gold prices are unlikely to post a correction.

But given that we have the payrolls report later today, investors might be cautious.

Still, a weak report could possibly give the yellow metal further fuel to power higher.

For the moment, the 2000 level remains a psychological support level that might hold the declines, if any.

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