XAUUSD

President Trump's call for interest rate cuts and the Bank of Japan's rate hike caused the Dollar Index to fall below the 108 level. These developments created a positive backdrop for gold, pushing the precious metal to its highest levels since October 2024. The preliminary services and manufacturing PMI, existing home sales, and Michigan consumer sentiment data to be monitored during the day may influence the direction of gold.

Technically, spot gold is at the 2775 level and is trading above the 2750 – 2760 support zone in the short term. Resistance levels of 2780 and 2790 should be monitored in upward movements. The RSI indicator is at 61, showing a positive outlook. A daily gain of 0.76% is observed. Movements above the all-time high level of 2790 may reinforce the upward trend, while moves below the 2750 – 2760 support zone could lead to price movements towards the 2740 and 2727 levels.