Gold staged a minor recovery overnight after bouncing from the 3,267 Support Zone, and is now trading around 3,305. Price remains below both the 50MA and 200MA, which continue to slope downward—confirming short-term bearish structure.
This current move is still corrective unless bulls manage to reclaim the 3,309–3,334 resistance zone. A clean break and hold above 3,334 would be the first sign of strength, opening up potential retests of 3,348 and 3,362.
Until then, any rallies into the 3,309–3,334 zone should be viewed with caution. If the bounce loses steam, watch for a retest of 3,289 - 3,267. A break below that would expose the 3,241 and 3,208 levels, with the HTF Support Zone (3,241–3,208) acting as a broader downside cushion.
📌 Key Levels to Watch
Resistance:
‣ 3,309
‣ 3,334
‣ 3,348
‣ 3,362
Support:
‣ 3,289
‣ 3,267
‣ 3,241
‣ 3,208
🔍 Fundamental Focus – Thursday, July 31
Big day for data.
🟥 Core PCE, Employment Cost Index, and Unemployment Claims — all critical for Fed outlook and could move gold sharply.
⚠️ Volatility expected around 2:30pm. Stay nimble and manage risk carefully.
This current move is still corrective unless bulls manage to reclaim the 3,309–3,334 resistance zone. A clean break and hold above 3,334 would be the first sign of strength, opening up potential retests of 3,348 and 3,362.
Until then, any rallies into the 3,309–3,334 zone should be viewed with caution. If the bounce loses steam, watch for a retest of 3,289 - 3,267. A break below that would expose the 3,241 and 3,208 levels, with the HTF Support Zone (3,241–3,208) acting as a broader downside cushion.
📌 Key Levels to Watch
Resistance:
‣ 3,309
‣ 3,334
‣ 3,348
‣ 3,362
Support:
‣ 3,289
‣ 3,267
‣ 3,241
‣ 3,208
🔍 Fundamental Focus – Thursday, July 31
Big day for data.
🟥 Core PCE, Employment Cost Index, and Unemployment Claims — all critical for Fed outlook and could move gold sharply.
⚠️ Volatility expected around 2:30pm. Stay nimble and manage risk carefully.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.