Analysis of today's market

Gold prices extended their gains for the fifth day out of the last six and reached an all-time high (ATH) at $2,748, just shy of the psychological $2,750 mark. Geopolitical tensions and expectations that the Federal Reserve (Fed) would continue to lower borrowing costs are tailwinds for the yellow metal. Therefore, XAU/USD trades at $2,744, gaining almost 1%.

Risk aversion keeps the non-yielding metal underpinned, ignoring soaring US Treasury yields. Since the Fed cut rates by 50 basis points (bps) at the September 18 meeting, the US 10-year Treasury note has risen 62 bps to 4.20%, indicating that traders are pricing in a less dovish Fed.

Gold opened at around 2747 and rose to around 2748 at the highest and around 2743 at the lowest before press time.Pay attention to the resistance of 2750-2760-2770. If it fails to break through, it will test 2720-2710-2700