Market Analysis for Today

Golds price (XAU/USD) orbits near its fresh all-time high after already having printed one in early European trading on Thursday. The push higher comes after United States (US) President Donald Trump said that a trade deal with China could be possible. Geopolitical concerns at the same time grew after President Trump said Ukraine started the war with Russia and alluded it is time to repay the US for all the funding provided.

Meanwhile, the Federal Reserve (Fed) Minutes for the January policy meeting released on Wednesday had little impact. Only a handful of Federal Open Market Committee (FOMC) members advocated for a steady interest rate and no rush for any cuts. Considering this, chances for a June interest rate cut still stand.

Gold opened at around 2938 and rose to around 2949at the highest and around 2937 at the lowest before press time.Pay attention to the resistance of 2960-2970-2980 If it fails to break through, it will test 2910-2900-2890