Daily Analysis XAUUSD - 23 June 2023

On the previous day, several central banks reiterated their intention to maintain low interest rates for an extended period and expressed concerns regarding the economic slowdown, particularly considering rising inflation and geopolitical uncertainties. The risk-off sentiment was strengthened by a combination of mixed second-tier data from the United States and the hawkish testimony from Federal Reserve (Fed) Chairman Jerome Powell. Richmond Fed President Thomas Barkin also echoed economic concerns, aligning with US Treasury Secretary Janet Yellen's remarks earlier on Friday.

The gold sell-off witnessed yesterday was a continuation of the previous breakout, with indications pointing towards further selling as the most likely outcome. Both fundamental and technical factors suggest that higher yields are currently more appealing than investing in the yellow metal. The next target is expected to be the 1870-1860 area, which serves as a final reference point.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2000	1980	1960	1933	1870	1800