Market Analysis for Today

Gold price surged above the $2,700 mark on Thursday as the Greenback trimmed some of its earlier gains. Data from the United States (US) revealed that the economy remains solid after the release of consumer spending figures and jobs data. US bond yields fell as traders expect further easing by the Federal Reserve (Fed). At the time of writing, the XAU/USD trades at $2,715, up 0.72%.

Bullion extended its gains as market participants prepare for US President-elect Donald Trump's inauguration. The US Census Bureau revealed that Retail Sales fell short of estimates in December. However, Novembers data was upwardly revised, indicating consumer strength.

Gold opened at around 2713and rose to around 2716at the highest and around 2710 at the lowest before press time.Pay attention to the resistance of 2730-2740-2750 If it fails to break through, it will test 2700-2690-2680