Market Analysis for Today

Gold price resumes its uptrend on Monday after erasing some of its earlier losses, which saw the precious metal hit a daily low of $3,268. A shift in market mood lifted Bullion‘s buyers’ spirits, driving XAU/USD up by 0.55%, exchanging hands at $3,338.

Risk appetite turned sour as Wall Street erased its earlier gains due to traders concerned about the trade war. Investors are also awaiting a crucial week for mega-cap tech companies reporting earnings, like Microsoft, Apple, Meta and Amazon. As investors sought safety, they continued to buy Gold instead of US dollars.

Gold opened at around 3344 and rose to around 3348 at the highest and around 3332 at the lowest before press time.Pay attention to the resistance of 3370-3380-3390 If it fais to break through, it will test 3300-3290-3280