Today's market analysis

Gold prices advanced on Thursday after the Federal Reserve (Fed) embarked on an easing cycle with a 50-basis-point (bps) rate cut. Traders ignored the rise of US Treasury yields, which correlate inversely to the non-yielding metal, which remains on its way toward reclaiming $2,600. At the time of writing, XAU/USD trades at $2,589, up over 1%.

Following the Fed's decision, bullion prices extended their gains after registering losses on Wednesday. Officials side with the larger of two cuts expected by Wall Street, justifying their decision by pointing to inflation moving sustainably toward the Feds 2% goal. Fed Chair Jerome Powell stressed that the Fed could maintain labor strength with policy adjustments.

Gold opened at around 2592 and rose to around 2588 at the highest and around 2585 at the lowest before press time.Pay attention to the resistance of 2600-2610-2620. If it fails to break through, it will test2570-2560-2550