🚨 Gold Update: Bulls Eye $3,500 Again? 📈
08 Aug 2025
01 Aug 2025
🔶 Gold (XAU/USD) Price Forecast
Resistance at $3,314–3,315 Holds – Market Eyes US NFP for Direction
Gold prices remain range-bound in early Friday trading, holding just below key resistance at $3,314–3,315, after failing to sustain bullish momentum overnight. The precious metal trades cautiously as investors await the highly anticipated US Nonfarm Payrolls (NFP) data, a potential volatility trigger for XAU/USD.
🔸 Technical Outlook
The $3,314–3,315 region marks the immediate resistance zone after Thursday’s bullish rejection near that level. A decisive breakout above this area could trigger a short-covering rally, potentially pushing prices toward the $3,325–3,326 supply zone. Further upside may expose the $3,360–3,365 region, and eventually the psychological $3,400 handle.
On the flip side, initial support lies at the 100-day Simple Moving Average (SMA) near $3,270, which also coincides with a near-term demand zone. A confirmed break below this support could shift sentiment bearish, paving the way toward the June swing low at $3,247, and potentially as low as $3,200, a critical round number support.
🔹 Key Levels to Watch
Direction Price Level Type
🔼 Upside $3,314–3,315 Intraday resistance
$3,325–3,326 Bullish breakout zone
$3,360–3,365 Medium-term resistance
🔽 Downside $3,270 (100-day SMA) First key support
$3,247 Swing low support
$3,200 Psychological support
📈 Fundamental Drivers
Markets are positioning cautiously ahead of today's US NFP report, with consensus expectations pointing to slowing job growth and a potential uptick in the Unemployment Rate to 4.2%. A softer-than-expected print could weaken the US Dollar and lift gold prices higher. Conversely, strong labor data would reinforce the Fed’s hawkish stance and cap gold’s upside.
🟡 GSS Insight:
“$3,315 remains the gatekeeper level for gold bulls. A daily close above may unlock a quick move to $3,360+. However, downside risk remains if $3,270 fails—especially under strong NFP data.”
📌 Premium Members:
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