XAUUSD

Despite the nonfarm payrolls data coming in above expectations on Friday, with the slowdown in wage growth and the increase in unemployment, we observe that the probability of a September Fed rate cut is 68% on the CME FedWatch side, 70% after Fed Chair Powell's presentation in the Senate and 70% right now before the critical US CPI data. Although the Fed is making cautious statements, the markets are willing to make an additional rate cut, but this idea needs to be supported. Today, there is the June CPI data from the US. The daily gain for the ounce of gold, which closed at 2,381 on the previous trading day, was 0.45%. The RSI indicator for the ounce of gold, which is above its 20-day moving average, is at 58.06, while its momentum is at 102.69. The 2375 level can be followed in intraday downward movements. If this level is exceeded, the supports of 2,366 and 2,362 may become important. In possible increases, 2,386, 2,390 and 2,397 will be monitored as resistance levels. Support: 2375 - 2366 Resistance: 2386 - 2390