XAUUSD

Despite the limited losses in the Dollar Index, ounce gold declined on the first trading day of the week. Statements made by Fed officials Daly and Kugler over the weekend suggest that the Fed will approach rate cuts more cautiously this year, which continues to exert pressure on ounce gold. The selling pressure in Asian markets and the weakening of Asian currencies against the dollar are external factors that could also affect gold prices. Important economic data coming from the US in the coming days could be decisive for the direction of gold.

From a technical analysis perspective, ounce gold is moving in a tight range between the levels of 2633 and 2650. This area can be considered a decision point. In upward movements, surpassing the 2650 resistance level is important for strengthening the positive outlook. If the 2650 level is exceeded, the 2660 and 2666 levels will be monitored as the next resistance points. In downward movements, falling below the 2633 level could lead to targeting the support levels of 2625 and 2620. The RSI indicator is at 48, showing a neutral stance. On a daily basis, ounce gold is down by 0.28%.