Analysis of today's market

Gold price plunges from all-time high of $2,758 on Wednesday as US Treasury yields climbed, while the Greenback refreshes a two-month high, according to the US Dollar Index (DXY). At the time of writing, the XAU/USD trades at $2,716, down more than 1%.

Risk appetite has deteriorated, sponsoring a flight to safe-haven currencies, but not assets like the golden metal. The US 10-year Treasury note yield has climbed over 65 basis points (bps) since the Federal Reserve (Fed) cut rates by 50 basis points (bps) on September 18, amid fears that Trumps presidency could be inflationary.

Gold opened at around 2715 and rose to around 2726 at the highest and around 2714 at the lowest before press time.Pay attention to the resistance of 2740-2750-2760. If it fails to break through, it will test 2700-2690-2680