Market Analysis for Today

Gold price retreats after hitting a record high at $3,500, but traders booking profits and improving risk appetite send the Bullion drifting lower, although US Treasury yields drop. At the time of writing, XAU/USD hovers near $3,400, down over 0.63%.

Breaking news from United States (US) Treasury Secretary Scott Bessent, who said that he sees a de-escalation with China, improved the market mood, which is a headwind for Bullion prices. Since the headlines, the yellow metal drifted lower by $50 from around $3,420 to $3,370.

Gold opened at around 3230 and rose to around 3261 at the highest and around 3229 at the lowest before press time.Pay attention to the resistance of 3420-3430-3450 If it fais to break through, it will test 3350-3340-3330