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The ounce of gold has reached a historical peak, surpassing the $3,500 level due to the weakening dollar index and increasing expectations for interest rate cuts by the Fed. President Trump’s proposal to raise tariffs on India by up to 50% and then reduce them was closely monitored by the markets. Today, the ISM Manufacturing PMI data coming from the U.S. is crucial for the direction of gold prices.

Ounce gold continues to show a positive outlook above the 3,466 level. Price movements occurring above the Envelopes(20) indicator support this positive situation. Although prices exceeded the $3,500 mark, they could not maintain this level. Falling below 3,466 could bring the 3,438 level into consideration. To maintain the positive outlook, it is essential to sustain above the Envelopes(20) indicator. The critical level of the day: 3,466.