Analysis of today's market

During Monday's U.S. trading session, gold prices plummeted as news of a ceasefire between Lebanon and Israel emerged, exacerbating the decline in the market's risk-averse sentiment. Additionally, the appointment of Scott Baesent as the Treasury Secretary in the Trump administration added pressure on gold. Gold traded at $2,620, marking a drop of over 3%.

The improvement in risk appetite was the driving force behind gold price movements. This caused gold to fall below the 50-day Simple Moving Average (SMA) of $2,664, paving the way for further declines.

Gold opened at around 2624 and rose to around 2629at the highest and around 2608 at the lowest before press time.Pay attention to the resistance of 2640-2650-26600 If it fails to break through, it will test 2600-2590-2580