Gold Price Today: If you’ve been tracking gold prices this week, you might have noticed that XAU/USD Struggles hard time moving up. Even though the US Dollar is weaker, gold hasn’t been able to take full advantage of it. As of now, it’s trading in a tight range near $3,340, close to a two-week low, and just below the $3,350 resistance zone.
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Let’s break down what’s going on and where gold might be headed.
US Economic Data: Mixed Signals for Gold
The latest US Retail Sales report brought a mix of good and not-so-good news:
- Month-on-Month (MoM) sales in July went up by 0.5% — exactly what analysts expected.
- However, the previous month’s gain of 0.9% was better, showing a slowdown.
- Year-on-Year (YoY) sales rose 3.9%, down from 4.4% earlier.
- The Retail Sales Control Group — important for GDP calculations — increased by only 0.5%, below the expected 0.8%.
📌 What this means: US consumer spending is losing some steam, even though inflation remains a concern.
Geopolitical Tensions: Watching the US–Russia Summit
Investors are also keeping a close eye on the high-stakes US–Russia summit in Alaska. The main topic is a possible Ukraine ceasefire.
- If talks fail → Gold could see a quick jump as a safe-haven asset.
- If talks succeed → Gold prices might dip as geopolitical risk reduces.
For now, the market reaction is muted, but traders are alert for any sudden developments.
Why Gold Isn’t Flying Despite a Weak Dollar
Normally, a weaker US Dollar gives gold prices a boost. But this time, higher US Treasury yields are putting pressure on gold.
The reason? US Producer Price Index (PPI) data came in stronger than expected, raising fears that inflation could stay sticky. This has made traders believe the US Federal Reserve might delay big interest rate cuts, which is not great news for non-interest-paying assets like gold.
Technical Analysis: XAU/USD Struggles, Levels to Watch
Right now, gold is stuck below $3,350, trading close to $3,340.
Key Support Levels
- $3,330 → Immediate support, also the bottom of the recent consolidation zone.
- $3,300 → Strong psychological level.
📉 If gold breaks below $3,330, we could quickly see it drop toward $3,325 and then $3,300.
Key Resistance Levels
- $3,350–$3,355 → First barrier to watch.
- $3,370 → Strong resistance where the 50-period SMA and recent highs meet.
- $3,400 → Psychological level — needs strong buying to cross.
Indicator Check
- RSI (Relative Strength Index): Around 40 — mild bearish tone, no strong momentum.
- ADX (Average Directional Index): At 18.7 — market lacks a strong trend.
- MACD (Moving Average Convergence Divergence): Still in negative territory — slight downside pressure.
My (Neal Bhai) View: What Traders Should Keep in Mind
Right now, the market is in “wait and watch” mode. Until gold can clear the $3,350–$3,355 zone, the path of least resistance seems to be downward toward $3,325 and $3,307.
If you’re trading, keep an eye on:
- US–Russia talks (geopolitics can move gold overnight).
- US Treasury yields (higher yields usually hurt gold).
- Upcoming Fed comments (interest rate expectations matter).
💡 Final Tip: For Indian investors, don’t just track global prices — also watch the USD/INR exchange rate, because a weaker rupee can make gold more expensive in India even if international prices are flat.
📍 You can also check the latest gold price trends on MCX India’s official site to get local updates.