Technical analysis: Spot gold may fall back to $3,320
2025-07-08 11:39:04
During the Asian session on Tuesday (July 8), spot gold fluctuated slightly downward and is currently trading around $3,331 per ounce.
Reuters technical analysts pointed out that spot gold failed to break through the $3,348 resistance level and may retreat to $3,320 an ounce.
Another resistance is at $3,345, the peak of wave (b). A pullback seems to have started and is expected to extend to $3,320.
A breakout above $3,348 could lead to further gains towards the $3,357-$3,366 range. Such a rise would mean a continuation of the uptrend since $3,247.
On the daily chart, the downward trend from $3451 is still intact. Currently, the price is on wave C from $3451, which is heading towards a wide target area of $3071 to $3216.
However, a breakout above $3,361 would invalidate this move as gold could revisit the highs of $3,451.
At 11:37 Beijing time, spot gold was trading at $3,331.08 per ounce
Reuters technical analysts pointed out that spot gold failed to break through the $3,348 resistance level and may retreat to $3,320 an ounce.
Another resistance is at $3,345, the peak of wave (b). A pullback seems to have started and is expected to extend to $3,320.
A breakout above $3,348 could lead to further gains towards the $3,357-$3,366 range. Such a rise would mean a continuation of the uptrend since $3,247.
On the daily chart, the downward trend from $3451 is still intact. Currently, the price is on wave C from $3451, which is heading towards a wide target area of $3071 to $3216.
However, a breakout above $3,361 would invalidate this move as gold could revisit the highs of $3,451.
At 11:37 Beijing time, spot gold was trading at $3,331.08 per ounce
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