Today's market and analysis

Gold price remains steadily above $2,650 for the second straight session on Wednesdayas traders increased the odds for another big interest rate cut by the Federal Reserve (Fed) at the upcoming November meeting. That and high US Treasury yields kept the XAU/USD from rising further, and it mostly traded near $2,660, up 0.14%.

During the US trading session, as US stocks fell, market sentiment slightly worsened. Consequently, the gold price once again hit a record high of US$2,670, but it retreated as the US Treasury yield rose 4.5 basis points to 3.775%.

Gold opened near 2655, and by the time of this report, it had risen to a high of around 2659 and fallen to a low of approximately 2655. Keep an eye on the resistance levels at 2670-2680-2690. If these levels are not breached, the price will test the support levels at 2540-2630-2620.