XAUUSD

While gold balances below the resistance of 3469.60, global inflation concerns and central bank policies are the main determinants. In particular, the Turkey CPI data to be announced today (expectation: 32.60%) and the US JOLTS data may deepen the inflation-risk perception dilemma. In a high inflation environment, the safe-haven demand for gold may target the level of 3512.50, while a loss of the support at 3449.30 could increase technical correction pressure.