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Gold prices pared most of their gains on a strong US dollar. It hits an intraday low of $3304.33 and is currently trading around $3305.33.
The U.S. economy experienced a strong rebound in Q2 2025, with real GDP expanding at an annualized rate of 3.0%, surpassing expectations and recovering significantly from the prior quarter's 0.5% contraction, largely driven by increased consumer spending and reduced imports. Concurrently, the labor market displayed resilience as initial jobless claims held steady at 217,000 for the week ending July 26, marking the sixth consecutive week of declines and signaling sustained economic momentum despite a slight deceleration in hiring. The U.S. economy experienced a strong rebound in Q2 2025, with real GDP expanding at an annualized rate of 3.0%, surpassing expectations and recovering significantly from the prior quarter's 0.5% contraction, largely driven by increased consumer spending and reduced imports. Concurrently, the labor market displayed resilience as initial jobless claims held steady at 217,000 for the week ending July 26, marking the sixth consecutive week of declines and signaling sustained economic momentum despite a slight deceleration in hiring.
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 96.90% from 95.9% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding below the short-term moving averages, 34 EMA and 55 EMA, and above long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3300, 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.
