XAUUSD

Despite the decline in the manufacturing sector PMI in the US, the services PMI rose more than expected, strengthening the Dollar Index. This situation pressured the recovery efforts of gold. Market participants will closely monitor the retail sales data to be announced during the day. The decline seen in Asian indices and the upcoming Fed monetary policy statement are increasing the tendency to avoid risk in the markets.

Technically, gold is trading below the 2660-2673 resistance zone, which is considered important in the short term. Under the current circumstances, the levels of 2650 and 2640 will be monitored as support. Particularly, the 2650 support, which is backed by the rising trend line, could be critical for the continuation of the downward movement. For upward movements, 4-hour closures above the 2660-2673 zone should be monitored; in this scenario, a movement towards the resistance levels of 2685 and 2693 can be observed. The RSI indicator is at 45, displaying a negative outlook. There is a slight change of 0.07% compared to the previous day.