Gold has been hovering just under the $3,390 ceiling for several sessions, showing resilience but also hesitation. This zone has acted as strong resistance in the past, and sellers are clearly defending it again. But here’s the catch: we’re not seeing aggressive rejection — instead, price is compressing with steady liquidity, hinting at an imminent breakout.
On the macro side, weakening U.S. economic data, a dip in 10-year yields, and a softer DXY are laying the groundwork for bullish momentum. Add to that the speculation around Jerome Powell’s future and the tense U.S.–China trade talks with an August 1 deadline, and you’ve got a classic recipe for risk-off flows — gold’s best friend.
If price closes above $3,393, I’d expect a swift move toward $3,425 and possibly $3,440. Historically, compressions like this near key resistance rarely end quietly.
What’s your take? Drop your thoughts below.
On the macro side, weakening U.S. economic data, a dip in 10-year yields, and a softer DXY are laying the groundwork for bullish momentum. Add to that the speculation around Jerome Powell’s future and the tense U.S.–China trade talks with an August 1 deadline, and you’ve got a classic recipe for risk-off flows — gold’s best friend.
If price closes above $3,393, I’d expect a swift move toward $3,425 and possibly $3,440. Historically, compressions like this near key resistance rarely end quietly.
What’s your take? Drop your thoughts below.
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