Daily Analysis XAUUSD - 3 July 2023

The US Dollar (USD) has rebounded, attracting buyers and impacting the price of gold. Recent US data shows a slowdown in inflation, but it remains above the Federal Reserve's target. Market expectations indicate a high probability of a rate hike at the upcoming FOMC meeting. Fed Chair Jerome Powell's remarks support the possibility of further rate increases. Other central banks' hawkish outlooks and upcoming economic data also influence market sentiment. The focus will be on the release of the US ISM Manufacturing PMI and the FOMC meeting minutes this week.

The correction in the price of gold on Friday was a temporary movement, as the market continues to see selling pressure today. The support level around 1912 is being tested, and there is an expectation that it will be broken. The next target on the daily chart is anticipated to be the 1870-1860 area, which is considered a significant reference point.

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