Analysis of today's market

After adopting a neutral to slightly hawkish tone in the minutes of the Federal Reserve's December meeting, gold prices rose during the North American session, hinting that "it would be appropriate to slow the pace of easing." At the time of writing, gold is trading at $2,659, up 0.34%.

At the December meeting, officials decided to lower borrowing costs by 25 basis points. However, "some participants argued that it would have been beneficial to keep interest rates unchanged at that meeting, citing higher risks of persistently rising inflation."

Gold opened at 2660 and has risen to a high of 2663 and fallen to a low near 2659 since then. Keep an eye on the resistance levels at 2680-2690-2700. If these levels are not breached, we may see a test of the support levels at 2650-2640-2630.