Technical analysis: Spot gold may test the $3,342 resistance level
2025-07-11 11:32:00
During the Asian session on Friday (July 11), spot gold fluctuated higher and is currently trading around $3,335 an ounce.
Reuters technical analysts pointed out that spot gold may test the resistance level of $3,342 per ounce, breaking through which it may rise to the range of $3,357 to $3,374.
Forecast analysis shows that the current rise is closely related to the previous upward trend since $3247. This rise is likely to be a continuation of that trend.
Riding wave C, the trend could extend to $3,374, which is suggested by the upper channel. The support level is at $3,328, below which the price could drop to the $3,300-$3,311 range.
The daily chart shows that gold prices could climb to $3,361 again, having now stabilized near the support level of $3,306. If gold prices break above $3,361, the trend signal will turn bullish.
The best-case scenario is that the market may not be able to overcome this hurdle as the downside C wave from $3,451 does not look complete.
At 11:31 Beijing time, spot gold was trading at $3,335.29 per ounce.
Reuters technical analysts pointed out that spot gold may test the resistance level of $3,342 per ounce, breaking through which it may rise to the range of $3,357 to $3,374.
Forecast analysis shows that the current rise is closely related to the previous upward trend since $3247. This rise is likely to be a continuation of that trend.
Riding wave C, the trend could extend to $3,374, which is suggested by the upper channel. The support level is at $3,328, below which the price could drop to the $3,300-$3,311 range.
The daily chart shows that gold prices could climb to $3,361 again, having now stabilized near the support level of $3,306. If gold prices break above $3,361, the trend signal will turn bullish.
The best-case scenario is that the market may not be able to overcome this hurdle as the downside C wave from $3,451 does not look complete.
At 11:31 Beijing time, spot gold was trading at $3,335.29 per ounce.
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