15 june thursdayThe US Dollar Index (DXY) has declined to its lowest level of the day around 102.95 in early Thursday trading in Asia, failing to sustain the rebound seen on Wednesday after reaching a one-month low. This indicates a bearish sentiment towards the US Federal Reserve (Fed) as it signals a pause in its rate hike trajectory.During the latest Federal Open Market Committee (FOMC) meeting, the Fed decided to keep the benchmark interest rate unchanged at 5.0-5.25%, aligning with market expectations of halting the previous cycle of rate increases that had been ongoing for several months. The FOMC also released economic projections that suggested a more hawkish stance, and Fed Chair Jerome Powell’s speech expressed optimism about the US central bank.Notably, the dot plot revealed an increase of 30 basis points from March for 2024 and 2025, with projected rates of 4.6% and 3.4% respectively. The median rate forecasts indicate two more rate hikes in 2023. The projections do not anticipate any rate cuts or a recession in the current year, and the median estimate for US Gross Domestic Product (GDP) rose to 1.0% from 0.4% in March. Furthermore, Powell’s speech indicated a “meeting by meeting” approach to decision-making but highlighted that the July meeting is considered significant, potentially signaling a 0.25% rate hike.Prior to the FOMC meeting, the US Producer Price Index (PPI) for May came in lower than expected at 1.1% year-on-year, compared to the forecasted 1.5% and the previous reading of 2.6%.Given the impact of the Fed’s decisions on the market and the decline in the US Dollar Index, traders will likely focus on the US Retail Sales data for May, as well as secondary activity data for May and June. The Fed has emphasized the importance of each incoming data point in its decision-making process.The Gold Price is facing resistance from bearish forces after a prolonged period of defending against bullish pressure. Currently, the XAU/USD pair is approaching a significant support level at $1,932, which includes previous lows observed on hourly, four-hour, and monthly timeframes, as well as the lower Bollinger Band on the 15-minute chart.Additionally, there is a potential obstacle for Gold bears near the $1,917 mark, representing the Fibonacci 161.8% level on the weekly chart, which could cause a minor setback before reaching the psychological level of $1,900.On the upside, the combination of the 100-day moving average (DMA) and the Pivot Point one-week S1 level highlights $1,943 as a key resistance for short-term buyers of XAU/USD to overcome.Even if the Gold Price surpasses $1,943, further resistance may be encountered near $1,948, marked by the Fibonacci 38.2% level on the daily chart, before reaching the $1,950 barrier.