Ahead of today's US GDP and FOMC policy decision, gold was trading little-changed. The metal has breached its 2025 bullish trendline, which was positioned in the $3,330–$3,350 area. This breakdown shifts the technical outlook to mildly bearish, although further downside confirmation is needed through the loss of additional support levels to solidify bearish control.
From a bullish standpoint, the metal must reclaim and hold above the broken trendline to reignite upward momentum. However, the longer it remains below the $3,330–$3,350 zone, the greater the likelihood of a short-term correction—particularly if the immediate support at $3,300 fails. A break below this level would expose the June low at $3,247 as the next significant support.
By Fawad Razaqzada, market analyst with FOREX.com
On the upside, resistance is now stacked at $3,350, $3,385, and $3,430
From a bullish standpoint, the metal must reclaim and hold above the broken trendline to reignite upward momentum. However, the longer it remains below the $3,330–$3,350 zone, the greater the likelihood of a short-term correction—particularly if the immediate support at $3,300 fails. A break below this level would expose the June low at $3,247 as the next significant support.
By Fawad Razaqzada, market analyst with FOREX.com
On the upside, resistance is now stacked at $3,350, $3,385, and $3,430
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.