XAUUSD

Gold came under pressure with the news of a ceasefire agreement that reduces geopolitical risks. The weakening demand for safe havens is causing the spot gold price to remain below the pivot level of 3328.34. Although weak housing data from the U.S. led to some easing in the dollar, it was not enough to break the selling pressure on gold. Markets will closely watch Powell’s speech, which will guide the Fed's monetary policy, and the PCE inflation data on Friday. Higher-than-expected inflation could push back interest rate cut expectations, creating additional pressure on gold and potentially leading to a test of the support level at 3302.96.