Market Analysis for Today

Gold prices edged lower during the North American session, dropping a minimal 0.18% on Tuesday after hitting a record-high of $2,942 earlier in the session. Heightened tensions due to the trade war sparked by United States (US) President Donald Trump's new tariffs pushed the golden metal to new all-time highs before retreating. XAU/USD trades near $2,900 at the time of writing.

The financial markets' narrative remains unchanged after Trump decided to apply 25% duties on steel and aluminum imported to the United States. Initially, bullion prices edged up, but traders booked profits ahead of Federal Reserve(Fed) Chair Jerome Powell's testimony at the US Senate.

Gold opened at around 2897 and rose to around 2901 at the highest and around 2892 at the lowest before press time.Pay attention to the resistance of 2920-2930-2940 If it fails to break through, it will test 2870-2860-2850