XAUUSD

The fact that the PCE inflation announced in the US was below expectations led to a weakening in the dollar index, which supported the recovery efforts of gold. The positive start of the Asian markets and the increase in consumer confidence in the US, painting an optimistic picture, are boosting risk appetite in global markets. Additionally, finding a temporary solution to the debt ceiling issue in the US is also reflecting positively on the markets. However, the release of CB consumer confidence data and the course of European and US stock exchanges could affect the direction of gold.

Technically, as long as the XAU/USD pair remains below the resistance levels of 2633.00 – 2640.00, there seems to be an impression of ongoing downward pressure. In intraday declines, the levels of 2612.00 and 2605.00 can be monitored as support. The chart is being monitored on an hourly timeframe, with the RSI indicator at level 53, showing a neutral outlook. The pair has risen by 0.22% compared to the previous day. For an increase in upward potential, pricing above the 2640.00 level and hourly closings are important. In this scenario, the levels of 2650.00 and 2660.00 could emerge as resistance.