Market Analysis for Today

Golds price (XAU/USD), $2,739 at the time of writing, is facing broader profit taking after a fierce three-day rally that brought over 2.0% gains. Traders are reducing their exposure to Bullion, with the US economic calendar facing a surge in Jobless Claims to a fresh six-week high. Meanwhile, markets are cautious about what US President Donald Trump will say during his speech at the Davos World Economic Forum (WEF).

The data vacuum suffered lately has been ideal for Gold to rally without any big concern. That sentiment could start to change with the release of the Kansas Fed Manufacturing Activity Survey for January, ahead of the S&P Global Purchase Managers Index (PMIs) numbers on Friday.

Gold opened at around 2754 and rose to around 2756 at the highest and around 2753 at the lowest before press time.Pay attention to the resistance of 2770-2780-2790 If it fails to break through, it will test 2740-2730-2720