XAUUSD

Fed Chairman Powell stated on Monday that the latest inflation data provided confidence that it was declining towards the target and that the Fed would not wait for inflation to reach the 2% target to lower interest rates. These statements supported expectations that interest rates would be lowered and in the short term, ounces of gold gained strength from this situation. In terms of precious metal pricing, retail sales data can be monitored during the day. As long as it remains above the 2,426.18 level, we can see upward momentum. The daily gain for ounces of gold, which closed at 2,426.88 on the previous trading day, was 0.19%. The RSI indicator for ounces of gold, which is above its 20-day moving average, is at 64.55, while its momentum is at 104.31. The 2,426 level can be monitored for intraday downward movements. If this level is exceeded, the supports of 2,420, 2,414.68 and 2,409 may become important. In possible increases, 2,437 and 2,443 will be monitored as resistance levels. Support: 2426 - 2420 Resistance: 2437 - 2443