XAUUSD

Gold is seeking direction around the 3642.94 pivot level while awaiting the most critical event of the week, the FOMC meeting. The Fed's anticipated interest rate cut and the expression of concerns about economic slowdown could increase demand for Gold, a non-yielding asset, pushing prices toward resistance levels of 3655.57 and 3682.38. The unemployment claims and Philadelphia Fed Manufacturing Index, which will be announced on Thursday, coming in weaker than expectations will also support this rise. In the opposite scenario, an unexpected hawkish stance from the Fed (for example, keeping rates unchanged) would strengthen the Dollar and real interest rates, putting pressure on Gold and targeting support levels of 3629.28 and 3616.65.