XAUUSD

Despite the rise in the US Dollar Index, gold has shown some recovery due to increasing geopolitical risks. President Biden's support of long-range missiles to Ukraine has contributed to gold's appreciation by boosting safe-haven demand. Additionally, Fed Chair Powell's statement that interest rates may remain high has indirectly created a positive effect on gold by suppressing expectations for rate cuts.

Technically, on the 4-hour chart, gold is in a decision phase between the 2580 – 2600 levels. Its current price is at the 2585 level. If it can sustain above this level, the price could move towards the 2610 and 2620 resistance levels. However, if 4-hour closes occur below the 2580 level, the 2570 and 2560 support levels may come into focus. The RSI indicator is at 40 and indicates a negative trend. On a daily basis, the price continues with a 0.94% decline.