Movement in spot gold after Fed meeting minutes. Global demand trajectory and technical picture.
Fed meeting minutes pushed back rate-cut expectations. This development triggered selling pressure on **XAUUSD**.
**Minutes Summary**
Committee members reiterated their desire for more evidence that inflation is approaching the target level. The "data-dependent" approach is maintained. Early rate cuts priced in by the market have been pared back.
**Technical Picture — XAUUSD**
Price continues to hold above the 200-day moving average on the daily chart. This is significant; the long-term bullish structure remains intact. In the short term, EMA20 resistance will be tested.
**Support Levels**
- 200-day SMA zone
- Psychological support levels
**Resistance Levels**
- Daily EMA20
- Most recent record close
**Fundamental Picture**
Central bank purchases continue. ETF outflows are being partially offset. Physical demand remains strong on the Asian side.
**TRY Connection**
TRY depreciation against the dollar is causing gram gold prices to diverge from ounce prices. Investors are advised to track dollar-denominated and TRY-denominated gold data separately.
