Analysis of today's market

On Monday, gold suffered a steep decline of over 2.50% as the US dollar rose to a four-month high. The anticipation of escalated trade war fronts potentially triggered by Donald Trump's second presidential term kept the dollar in a leading position. After reaching a daily high of 2,686,gold plummeted and is currently trading at 2,621.

Following the announcement of the results of the U.S. presidential election, gold experienced its worst week in more than five months. The U.S. Dollar Index, which tracks performance against six currency pairs, rose 0.60% to 105.57.

Gold hovered around 2619, with the highest rise to 2626 and the lowest drop near 2619 as of press time. Keep an eye on the resistance levels at 2630-2640-2650. If these levels are not breached, gold will test the support levels at 2600-2590-2580.