Market Analysis for Today

Gold price begins the week on a higher note, gaining over 2.56% and refreshing a previous record high as the precious metal hits $3,430 on uncertainty about comments that threat to curtail the Federal Reserves (Fed) independence. At the time of writing, XAU/USD trades at $3,419 after hitting a daily low of $3,329.

Demand for bullion has increased as United States (US) President Donald Trump continues to exert pressure on the Fed. He called Fed Chair Jerome Powell a “major loser” and said he is always too late to reduce borrowing costs

Gold opened at around 3230 and rose to around 3261 at the highest and around 3229 at the lowest before press time.Pay attention to the resistance of 3440-3450-3460 If it fais to break

through, it will test 3400-3390-3380