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Gold Dips, But Sentiment Turns Bullish on Long-Term Potential

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Aayush Jindal

Key Highlights

  • Gold found support near $3,250 and started a fresh increase.
  • A key bullish trend line is forming with support at $3,355 on the 4-hour chart.
  • EUR/USD is moving higher above the 1.1550 resistance zone.
  • WTI Crude Oil prices dipped sharply after facing rejection near $77.50.

Gold Price Technical Analysis

Gold prices remained supported above $3,250. The price formed a base and started a fresh increase above the $3,280 and $3,320 resistance levels.

The 4-hour chart of XAU/USD indicates that the price settled above the $3,375 level, the 200 Simple Moving Average (green, 4 hours), and the 100 Simple Moving Average (red, 4 hours). It even cleared the $3,440 level before the bears appeared.

A high was formed near $3,451 and the price saw a downside correction. There was a move below $3,440. On the downside, initial support is near the $3,372 level.

The first key support is $3,355. There is also a key bullish trend line forming with support at $3,355 on the same chart. The next major support is near the $3,335 level. The main support is now $3,320. A downside break below the $3,320 support might call for more downsides. The next major support is near the $3,250 level.

On the upside, immediate resistance is near the $3,440 level. The next major resistance sits near the $3,450 level. A clear move above the $3,450 resistance could open the doors for more upsides. The next major resistance could be $3,480, above which the price could rally toward the milestone level of $3,500.

Looking at EUR/USD, the pair started a decent upward move and might soon aim for a fresh increase if it clears the 1.1650 resistance.

Economic Releases to Watch Today

  • US Industrial Production for May 2025 (MoM) – Forecast +0.1%, versus 0% previous.
  • US Retail Sales for May 2025 (MoM) – Forecast -0.7%, versus +0.1% previous.
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