Today’s analysis delivers a comprehensive overview of the gold market, highlighting the key fundamental and technical factors shaping current trends. This report is designed to provide investors with the insights they need to navigate the market with confidence.
Gold remains under pressure due to rising U.S. Treasury yields and weakening demand for safe-haven assets. Friday’s U.S. Durable Goods Orders report showed a 9.3% decline in June—better than the expected 10.8% drop but still a significant pullback from May’s 16.5% surge. As a key indicator of business investment and overall economic momentum, the data pointed to underlying weakness despite the less-negative headline figure. Nevertheless, with improving risk appetite, stable equity markets, and investor focus shifting to upcoming central bank decisions and trade developments, the softer data had little impact on sentiment or demand for Gold as a haven asset.
Gold remains under pressure for a third consecutive day, with the overnight rebound stalling near the intraday high of $3,345 on the 4-hour chart. Immediate resistance lies in the $3,362–$3,384 zone; a break above this could trigger short-covering and open the door to a move toward the $3,400 level. On the downside, support at $3,325–$3,300 is expected to hold initially, with further support from the ascending trend channel around $3,271. Momentum indicators show the Stochastic Oscillator at 42 and the RSI at 47, reflecting a neutral-to-bearish short-term bias
Stochastic Oscillator: A momentum indicator that compares the closing price to the price range over a set period. Readings above 80 typically indicate overbought conditions, while readings below 20 suggest oversold levels.
Relative Strength Index (RSI): This indicator measures the magnitude of recent price changes to assess whether an asset is overbought or oversold. A reading above 70 signals overbought conditions; below 30 indicates oversold territory.
In the dynamic and constantly evolving bullion market, staying informed through both technical and fundamental analysis is essential for sound investment decisions. This report aims to offer a balanced perspective to help investors navigate the complexities of gold trading with confidence.