XAUUSD

The PMI data for the US released on Friday showed that the service sector has fallen below the 50 level, entering the contraction zone. This situation has heightened recession concerns in the US economy, leading to a decline in the Dollar Index. Consequently, gold prices have found an opportunity to remain close to record levels.

The precious metal is trading in the range of 2920 – 2942, supported by short-term indicators. To maintain a positive trend, it is crucial for prices to stay consistently above the 2942 level. In the event of a potential recovery, the levels of 2947 and 2955 may be considered. For a negative scenario, it will be necessary to establish a sustained position below the 2920 level; in this case, the levels of 2910 and 2900 will be monitored. The most critical levels of the day are highlighted as the range of 2920 – 2942.