XAUUSD

Gold is attempting to hold above the pivot level of 3350.82. The symmetrical triangle formation seen on the chart is at the breakout stage. Geopolitical tensions and the increase in central bank gold purchases are supporting demand for the precious metal. The US inflation data released this week came in lower than expectations, strengthening the prospects for a Fed rate cut, which positively reflected on gold prices. Technically, if it maintains above the resistance level of 3372.15, levels of 3380.91 and 3399.22 can be targeted. On the downside, levels of 3317.67 and 3301.38 should be monitored below the support of 3320.58.