XAUUSD

The ounce of gold is being limited in valuation due to the increased demand for the Dollar Index following the JOLTS job openings data, which surpassed expectations. However, political uncertainties in South Korea and geopolitical tensions in the Middle East continue to support safe-haven demand. During the day, the ADP private sector employment data from the U.S., ISM services PMI, and a speech by Fed Chairman Powell hold critical importance for the direction of the markets. Expectations regarding U.S. economic data could lead to fluctuations in gold prices.

From a technical analysis perspective, it is observed that the ounce of gold is fluctuating between the 2630 – 2650 levels on the 4-hour chart. The price movements in this region indicate that the decision phase continues. For the uptrend to persist, sustained movements above the 2650 level should be observed; in this case, upward moves towards the 2660 and 2663 resistance levels might occur. On the other hand, 4-hour closings below the 2630 support could increase selling pressure and bring the 2620 and 2610 support levels into focus. The RSI indicator is at 60, presenting a positive outlook, with an increase of approximately 0.17% compared to the previous day.