has been in a $250 range since hitting new all-time highs after Liberation Day in April 2025.
Despite many signs of new trends very close to beginning, the only true thing is that gold has not been able to find a trend.
The question that may arise, particularly after last week’s rebound on the 2025 upward trendline, which failed to even touch the All-time high record, is: Do gold bulls have enough fundamental resources to push the metal to new highs?
The weekly session has started with some great volatility, particularly as the is breaking higher in a strong manner and with the EU-US Trade Deal being close to concluded.
This volatility has been negative for gold, which had been going up with a more tense global trade outlook. As a matter of fact, global trade is felt to be looking better as more Deals are reached.
Before taking a look at the technicals, let’s see if positioning helps us to get a good idea of what is going on.
Gold Daily Chart
Source: TradingView
Gold was on a strong move towards that previously pointed to potentially hitting the all-time highs – A spike at the $3,439 highs got met with an Engulfing bearish candle after reaching the US-Japan Trade deal.
Since an over-$100 correction has brought the precious metal below the 2025 upwards trendline, particularly after opening down on the weekly open, just below its key 50-Day Moving average ($3,342).
Buyers having failed to hold the rally above it gives more emphasis to the ongoing selling. However, the action is still rangebound with the prices entering the $3,300 to $3,320 Support Zone.
Any close below would look at the end-June $3,250 level that served as key support, with no other major support until $3,120, May lows.
Gold 4H Chart
Source: TradingView
The weekly open has quickly built towards the Key support mentioned on the Daily timeframe, which leaves a last hurdle for the bulls to support the range before a potential $50 breakdown.
$3,300 is not a pivot point to underestimate, and retracements in Gold tend to be short. Therefore, even if the level breaks, it will be essential to see where other buyers step in ($3,250 is the next key support).
There has been a long-tailed wick at the morning session, selling candles, leading to a small rebound. Any rebound from here will have to be strong enough to bring prices above the $3,350 Pivot Zone in confluence with the 4H MA 200.
Any selloff from there would open the door for a more concrete downwards reversal in a break-retest fashion, which would infer a need for further analysis.
Reactions from here are a major key for the action to come.
Gold 30m Chart
Source: TradingView
Looking even closer, the battle is not won yet for the Bears.
The formation of an intermediate-downwards channel shows a potential test of its higher bound, which coincides with the 30m 50-period MA ($3,330); a first hurdle to break for the range to hold and to give a chance to regain higher levels.
That MA is actually a key to intraday momentum, having served as resistance for sellers to step in so keep that one closely in check.
Safe Trades!