XAUUSD

Gold is showing a sensitive trend to the movements in the dollar index. The critical support level is observed at 3342.18, and if this level is broken, selling pressure may increase towards 3321.75 and 3283.70 levels. On the upside, the levels of 3402.73 and 3423.16 act as resistance. Today's announcement of Crude Oil Inventories and tomorrow's BoE interest rate decision may cause volatility in the commodity markets. If the dollar depreciates, gold could accelerate its rally above 3423.16.