Market Analysis for Today

Gold price started the week with a small bearish gap but managed to regain its traction during the Asian trading hours. After touching a new record-high of $3,245, XAU/USD entered a consolidation phase and declined toward $3,200. At the time of press, the pair was trading at $3,208, losing about 1% on the day.

Gold gained nearly 2% on Friday as safe-haven flows dominated the action in financial markets after China announced that they raised additional tariffs on US imports to 125% from 84% in retaliation.

Gold opened at around 3176 and rose to around 3191 at the highest and around 3176at the lowest before press time.Pay attention to the resistance of 3200-3210-3220 If it fails to break through, it will test 3150-3140-3130