Market Analysis for Today

Golds price (XAU/USD) sees some broad profit taking and drops by 1% and halts its four-day winning streak on Monday as markets catch up and reprice the recent US Nonfarm Payrolls release.

The report further confirms the narrative that the Federal Reserve (Fed) might keep its policy rate higher for longer.

While higher borrowing costs are typically negative for the non-interest-bearing precious metal, investors are bracing for more volatility ahead of President-elect Donald Trumps return to the White House on January 20.

Gold opened at around 2689 and rose to around 2693 at the highest and around 2685 at the lowest before press time.

Pay attention to the resistance of 2680-2690-2700 If it fails to break through, it will test 2640-2630-2620