XAUUSD

With Fed Chair Powell stating that they will not wait for inflation to reach the 2% target to lower the Fed's interest rate, the market strengthened its expectations for a rate cut. With the support of this situation, the ounce of gold broke a record by exceeding the 2480 level. In terms of precious metal pricing, construction permits, industrial production and FOMC member Waller's speech can be monitored during the day. As long as it remains below the 2,471.69 level, we can see downward easing. The daily loss for the ounce of gold, which closed at 2,468.45 on the previous trading day, was 0.01%. The upward movement observed in US bond interest rates is pressuring the ounce of gold downward. The RSI indicator for the ounce of gold, which is above its 20-day moving average, is at 69.78, while its momentum is at 105.85. The 2,475 level can be followed in intraday upward movements. If this level is exceeded, the 2,481 and 2,489 resistances may become important. In case of possible pullbacks, 2,460, 2,453 and 2,442 will be monitored as support levels. Support: 2460 - 2453 Resistance: 2475 - 2481