XAUUSD

The increasing geopolitical tensions in the Middle East, especially the conflicts between Israel and Hezbollah, continue to support gold on ounce by boosting safe-haven demand. Developments over the weekend have caused the perception of geopolitical risk to remain high, and the pressure on the Dollar Index's rise has paved the way for gold on ounce to reach new highs. The decision by the People's Bank of China to cut interest rates and the mixed trend in Asian markets are leading to uncertainties in global markets, and the upcoming elections in the United States are also considered to possibly impact gold prices.

Technically, gold on ounce recorded a new high by trading above the 2730 level. The chart's outlook suggests that the positive trend may continue as long as it stays above the 2700-2710 support zone. Resistance levels of 2740 and 2750 can be monitored in upward movements. The RSI indicator is at the 60 level and shows a positive outlook. An increase of 0.17% compared to the previous day is observed. For the downward trend to become dominant, persistent pricing below the 2700-2710 support zone should be observed, in which case pullbacks towards the 2690 and 2685 levels may be followed.