XAUUSD

Gold is under pressure as the dollar index recovers following ISM Services PMI and JOLTS job openings data from the US that exceeded expectations. Today's upcoming data, such as the ADP non-farm employment change and FOMC meeting minutes, are anticipated to cause additional volatility for gold. Markets are starting to delay their expectations for a Fed rate cut, owing to the strong performance of US economic data. These developments might limit the safe haven demand for gold.

Technically, gold is trading in the range of 2633 - 2650, indicating a significant decision-making phase. In upward movements, if there is a sustained move above the 2650 level, the target resistance levels could be 2660 and 2666. In downward movements, if the price falls below the 2633 level, the support levels of 2625 and 2620 could come into focus. The RSI indicator is at the 50 level and exhibits a neutral trend, reflecting the market’s indecision. A slight increase of 0.09% in the gold price compared to the previous day is observed.