XAUUSD

The US Federal Reserve (Fed) implemented a 25 basis point interest rate cut, taking a step in line with market expectations. However, its reduction in the projected number of rate cuts for 2025 was interpreted by the markets as a hawkish stance, leading to an increase in the dollar index. These developments caused the value of gold to decline to its lowest levels in a month. In the coming days, data such as the US growth rate, deflator, and unemployment claims can be closely monitored.

From a technical perspective, gold is trading around the 2605 support in the 4-hour chart. Gold prices might continue their downward movement and test the 2597 and 2590 support levels. For an upward recovery, the resistance levels of 2612, 2620, and 2633 need to be surpassed. The RSI indicator is at the 40 level, presenting a negative outlook. A decrease of 0.72% is observed compared to the previous day. In this case, it can be said that gold may remain under downward pressure in the short term.