Market Analysis for Today

Gold prices plunged more than 2.50% on Wednesday as risk appetite improved due to a possible de-escalation of US-China tensions and US President Donald Trump's statement that he doesnt plan to fire Federal Reserve (Fed) Chair Jerome Powell. At the time of writing, XAU/USDtrades at $3,288 after hitting a daily high of $3,386.

The narrative in the financial markets hasnt changed. Tariffs continued to drive price action, and news that the US might slash duties on China sent US equities higher and Bullion prices tumbling.

Gold opened at around 3288 and rose to around 3261 at the highest and around 3229 at the lowest before press time.Pay attention to the resistance of 3320-3330-33400 If it fais to break through, it will test 3250-3240-3230