Today's market analysis

On Friday, gold rebounded by more than 1%. Despite the US dollar gaining ground after the inflation data release on Friday and the conclusion of Thursday's Consumer Price Index report, gold still ended the week with a modest gain of 0.20%. At the time of writing, XAU/USD is trading at $2,658.

U.S.economic data is supporting precious metal prices.The Bureau of Labor Statistics revealed that prices paid by producers were close to consensus,indicating a downward trend in inflation but still higher than expected. Meanwhile, the University of Michigan's October consumer sentiment data showed a deterioration in Americans' sentiment due to rising living costs.

Gold hovered around 2655, with the highest point reaching 2655 and the lowest dipping near 2644 as of press time. Keep an eye on the resistance levels at 2670-2680-2690. If these levels are not breached, a test of 2640-2630-2620 will be in sight.