XAUUSD

The Fed is expected to keep the policy interest rate steady while anticipating two rate cuts by the end of the year. This development has put pressure on the Dollar Index, while gold prices have reached a new record. Additionally, increasing geopolitical risks in the Middle East are supporting this situation. Throughout the day, data such as unemployment claims, the Philadelphia Fed manufacturing index, and existing home sales can be monitored.

Spot gold is trading above levels supported by the indicators we are watching in the short term. If declines are limited in the 3025 – 3035 range, the likelihood of the positive trend continuing increases. In upward price movements, levels of 3065 and 3075 can be observed. For a negative outlook, four-hour closes below 3025 are required; in that case, support levels of 3015 and 3005 may come into play. The key level for the day is the 3025 – 3035 zone.