XAUUSD

Gold is searching for direction around the 3642.94 pivot level while awaiting the most critical event of the week, the FOMC meeting. The Fed's expected interest rate cut and the expression of concerns about economic slowdown could increase demand for Gold, a non-yielding asset, pushing prices towards the resistance levels of 3655.57 and 3682.38. The unemployment claims and Philadelphia Fed Manufacturing Index, which will be announced on Thursday and are expected to come in weak, will also support this rise. In the contrary scenario, if the Fed unexpectedly adopts a hawkish stance (for example, keeping interest rates steady), it will strengthen the Dollar and real interest rates, putting pressure on Gold and targeting the support levels of 3629.28 and 3616.65.