XAUUSD

The precious metal is seeing a demand for safe havens due to the increasing geopolitical tensions in the Middle East and is consolidating around the 3944 pivot level. In this week's upward attempts, 4050 stands out as the first resistance; if a sustained move above this area is achieved, a move towards the 4065 level can be expected. On the downside, 4404 is the first significant support level. The FOMC minutes and statements from Fed Chair Powell are other important factors that will influence the movement of Gold through the Dollar index.