Gold prices trade weak on a strong US dollar. It hit a low of $3301.79 yesterday and is currently trading around $3317.77.
A fresh trade agreement between the US and EU, which promoted trade optimism and was seen as mostly favoring the US, preventing a transatlantic trade war, significantly strengthened the US Dollar in late July 2025. The dollar's appreciation against other main currencies followed, with the euro falling as the treaty eliminated market uncertainty and showed the negotiating power of the United States, further strengthened by good economic figures and steady Federal Reserve interest rate projections.
Markets eye the Fed's monetary policy decision this week for further direction.
According to the CME Fed Watch tool, the chances of a rate pause in the Jul 30th, 2025, meeting have increased to 97.40% from 95.90% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding below short-term moving averages, 34 EMA and 55 EMA, and above the long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $330,0 and a break below this level will drag the yellow metal to $3290/$3275/$3245/$3200. The near-term resistance is at $3330 with potential price targets at $3345/$3360/$3385/$3400/$3420/$3450/$3475/$3500/$3550.
It is good to sell on rallies around $3330-32 with a stop-loss at $3350 for a target price of $3200/$3000.


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