XAUUSD

The Fed kept interest rates unchanged on Wednesday as expected, and argued that the slowdown in inflation and developments in the relatively weak labor market supported a less restrictive monetary policy, and indicated that a rate cut could be made in September. On the other hand, due to the escalation in geopolitical risks in the Middle East, the ounce of gold continued to rise. Unemployment claims and ISM manufacturing PMI data can be monitored for the precious metal during the day. As long as it remains below the 2,447.21 level, we may see downward easing. The daily loss for the ounce of gold, which closed at 2,445.81 on the previous trading day, was 0.06%. The RSI indicator for the ounce of gold, which is above its 20-day moving average, is at 60.57, while its momentum is at 99.07. The 2457 level can be followed in intraday upward movements. If this level is exceeded, the 2,468 and 2,478 resistances may become important. In case of possible pullbacks, 2,435 and 2,426 will be monitored as support levels. Support: 2435 - 2426 Resistance: 2457 - 2468