XAUUSD

Despite increasing tensions in the Middle East, the rise in the Dollar index is preventing the value of ounce gold from increasing. Recently, ounce gold rose to the level of 2760, but has retreated to the levels of 2725 due to selling pressure. Today, unemployment claims and PMI data to be announced in the US could impact the direction of ounce gold. Currently, ounce gold is fluctuating in the range of 2710 – 2730; a sustained move above 2730 may support a positive outlook. Otherwise, breaking the 2710 level could lead to further retreat in ounce gold.

Technically, ounce gold is trading at 2785.51 on the 4-hour chart. In upward movements, the levels of 2790, 2800, and 2810 can be monitored as resistance, while in possible pullbacks, the levels of 2780, 2770, and 2760 can be followed as support. The RSI indicator is at 48 and the market is showing a neutral trend. A drop of 0.06% compared to the previous day indicates that prices may continue to fluctuate in the short term.