XAUUSD

The ounce of gold remains under pressure due to the rise in the dollar index. While the rise in the Nasdaq index in the US reflects positively on Asian markets, it is noteworthy that markets are displaying optimism towards the end of the year. However, uncertainties regarding the Fed's interest rate policies and the bond markets' efforts to adapt to the high interest rate environment are affecting gold prices. The Richmond Manufacturing Index remaining in negative territory indicates weak economic activity, which keeps safe-haven demand limited.

Technically, the ounce of gold is moving below the resistance level of 2625.00 – 2633.00. As long as it stays below this level, a downward movement appears more likely. In potential pullbacks, support levels of 2612, 2605, and 2597 can be monitored. In upward movements, if the 2633 resistance is surpassed, targets of 2640 and 2650 levels are considered. The RSI indicator is at around 50, displaying a neutral outlook. A 0.27% increase has been recorded compared to the previous day.