Global Markets Focus on the Fed: Interest Rate Decision Awaited

XAUUSD – Gold Technical Analysis

Gold prices declined after two days of gains despite tensions between India and Pakistan, as expectations for progress in U.S.-China trade talks reduced safe-haven demand. Washington announced that Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer would meet with Chinese Vice Premier He Lifeng in Switzerland. This will be the first high-level contact since Trump initiated tariffs on China. While hopes for a deal have increased, Beijing has stated it will not compromise on its principles. In South Asia, Pakistan announced it had downed five Indian aircraft and captured some soldiers, which supported gold prices to some extent, but the impact was limited due to trade optimism. Since the beginning of the year, gold has risen over 30% due to geopolitical risks and central bank purchases, surpassing $3,500 in April.

From a technical perspective, as of this morning, gold was trading around $3,385. If the selling pressure continues, $3,330 and $3,285 can be monitored as support levels. In case of a recovery, $3,440 and $3,500 are the resistance levels to watch.

Resistances: 3440 / 3500 / 3550
Supports: 3330 / 3285 / 3235
 

XAGUSD – Silver Technical Analysis

Silver prices also declined in parallel with gold. Optimism around U.S.-China trade talks and decreased safe-haven demand put pressure on silver, causing prices to fall. Technically, if the selling continues this morning, $32.80 and $32.50 are key support levels to watch. If recovery movements occur, $33.25 and $33.45 are key resistance levels.

Resistances: 33.25 / 33.45 / 33.70
Supports: 32.80 / 32.50 / 32.25
 

EUR/USD – Technical Analysis

The announcement by the U.S. Treasury Secretary regarding the start of trade talks with China has created a positive atmosphere in the markets and reduced safe-haven demand. This optimism has increased risk appetite, leading to a stronger U.S. dollar and likely causing the EUR/USD pair to decline.
From a technical perspective, the pair showed a bearish trend this morning. If the downward move continues, 1.1320 and 1.1280 are the key support levels to monitor. In case of a recovery, 1.1390 and 1.1420 are critical resistance levels.

Resistances: 1.1390 / 1.1420 / 1.1470
Supports: 1.1320 / 1.1280 / 1.1240
 

NAS100 – Technical Analysis

The U.S. Treasury Secretary’s announcement of the beginning of trade talks with China generated optimism about easing trade tensions, creating a positive global market sentiment. This increased risk appetite and strengthened demand for technology stocks.
Strong financial results from tech giants like Microsoft and Apple likely played a major role in this morning’s rise in the Nasdaq index. Both companies outperformed investor expectations. Microsoft’s growth in cloud services and AI investments, along with Apple’s new AI-driven strategies, painted a positive picture for the future of the tech sector. These strong earnings and trade talk optimism are key factors in Nasdaq’s rally.
Technically, if the upward movement in the futures index continues, 20,185 and 20,360 are important resistance levels. In the case of pullbacks, 19,790 and 19,575 are critical support levels.

Resistances: 20185 / 20360 / 20545
Supports: 19790 / 19575 / 19380
 

UKOIL – Technical Analysis

Oil prices continued to rise following the decision by the U.S. and China to begin trade talks. Brent crude approached $63 per barrel, while U.S. crude traded around $60. Since January, oil prices had been on a downtrend but are recovering amid easing trade tensions and changing production expectations.
The U.S. Energy Information Administration lowered its crude oil production forecast to 13.42 million barrels per day. Additionally, the American Petroleum Institute (API) reported a 4.49 million barrel drop in U.S. crude inventories.
Technically, if the upward trend continues in Brent crude this morning, the 63.50 and 64.40 levels are important resistance points. In case of a pullback, 61.90 and 61.05 are key support levels to monitor.

Resistances: 63.50 / 64.40 / 65.40
Supports: 61.90 / 61.05 / 60.15