Market Analysis for Today

Golds price (XAU/USD) is fueled by safe haven inflows and snaps above a pivotal technical resistance after US President Donald Trump confirmed he intends to impose 25% tariffs on Canada and Mexico as early as February, as well as tariffs on Silver and Gold. China was left out of the immediate levies being imposed, Bloomberg reported.

The possibility of Trump applying tariffs on Silver and Gold has caused market uncertainty, driving premiums for futures to elevated levels. President Trump's domestic agenda is the second main driver, which could extend Golds bullish momentum further and increase demand for haven assets. Meanwhile, bond yields took a nosedive to 4.527% in Asian trading on Tuesday after remaining closed on Monday for Martin Luther King Day.

Gold opened at around 2702 and rose to around 2703 at the highest and around 2691 at the lowest before press time.Pay attention to the resistance of 2760-2770-2780 If it fails to break through, it will test 2720-2710-2700