XAUUSD

Despite the high tension in the Middle East, the strong performance of the Dollar index is exerting pressure on gold. Following records recorded close to the 2760 level, gold has retreated to the 2725 level with selling pressures. Today, the unemployment claims and PMI data announced in the US could influence the direction of the precious metal. In the medium term, gold trading in the 2710-2730 range signifies a critical decision point for investors. Staying above the 2730 level could support upward expectations, while pricing below 2710 could strengthen downward expectations.

From a technical perspective, gold is at the 2750 level on the 4-hour chart, which is monitored as short-term resistance. In the continuation of the rise, the levels of 2760, 2770, and 2780 can be watched as resistance. On downward movements, the levels of 2740, 2730, and 2710 are support levels. The reaction purchases coming from the 2725 level are noteworthy, while the RSI indicator is exhibiting a negative outlook at the 43 level. This indicates that the market is still under selling pressure. A 0.34% increase compared to the previous day is observed, which may point to a partial recovery attempt.