XAUUSD

The precious metal is experiencing a demand for safe haven due to the increase in geopolitical tensions in the Middle East and is gathering strength around the 3875 pivot level. In this week's upward attempts, 3936 stands out as the first resistance; if a sustained move above this area is achieved, a movement towards the 3966 level can be expected. On the downside, 3917 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.