XAUUSD

Gold prices are supported by rising geopolitical risks and purchases by central banks. The escalation of the Russia-Ukraine conflict and the ongoing Israel-Palestine tension are increasing demand for safe havens, while the People's Bank of China's purchase of 12 tons of gold in April is also supporting prices. Expectations regarding the Fed's monetary policy also affect gold prices; the US quarterly GDP data and the Personal Consumption Expenditures index to be announced on Wednesday will provide clues about the Fed's policy trajectory. Technically, gold could test the resistance level of 2,326 in the short term; if this resistance is broken, a target of 3,385 could be set, otherwise, pullbacks towards the support level of 2,241 may be observed.