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Gold Edges Higher – Will the Rally Pick Up Speed?

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Aayush Jindal

Key Highlights

  • Gold started a fresh increase above the $3,350 resistance.
  • It now faces a major hurdle at $3,400 on the 4-hour chart.
  • WTI Crude Oil prices declined below the $68.20 support zone.
  • EUR/USD is recovering higher from the 1.1400 support zone.

Gold Price Technical Analysis

Gold prices formed a base above $3,325 and started a fresh increase. The bulls gained strength and were able to push the price above the $3,350 resistance.

The 4-hour chart of XAU/USD indicates that the price settled above the $3,350 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). There was a move above the 61.8% Fib retracement level of the downward move from the $3,438 swing high to the $3,268 low.

On the upside, immediate resistance is near the $3,400 level. It is near the 76.4% Fib retracement level of the downward move from the $3,438 swing high to the $3,268 low.

The next major resistance sits near the $3,420 level. The main barrier could be $3,432. A clear move above the $3,432 resistance could open the doors for more upsides. The next major resistance could be $3,440, above which the price could rally toward the milestone level of $3,450.

On the downside, initial support is near the $3,365 level. The first key support is $3,350. The next major support is near the $3,340 level. The main support is now $3,315.

A downside break below the $3,315 support might call for more downsides. The next major support is near the $3,300 level.

Looking at WTI Crude Oil, the price shows many bearish signs and could decline further below the $66.00 support zone.

Economic Releases to Watch Today

  • Euro Zone Services PMI for July 2025 – Forecast 51.2, versus 51.2 previous.
  • UK Services PMI for July 2025 – Forecast 51.2, versus 51.2 previous.
  • US Services PMI for July 2025 – Forecast 55.2, versus 55.2 previous.
  • US ISM Services Index for July 2025 – Forecast 51.5, versus 50.8 previous
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