Gold Holds Range as Trade Tensions and Technical Signals Weigh on Market

Gold traded at $3,329.69 per troy ounce this morning, according to official market data. The price slipped 0.22% over the past 24 hours, with trading confined between $3,296 and $3,343.

The international market saw similar moves, with Indian spot prices at ₹97,120 per 10 grams and Dubai rates steady at AED 3,995 per 10 grams. In Pakistan, local prices followed the global trend.

The past day’s action reflected caution among traders. The US President extended the reciprocal tariff deadline from July 9 to August 1, keeping uncertainty high.

At the same time, the administration announced new tariffs on several countries, including Japan and South Korea, effective August 1. The US also threatened additional tariffs on nations aligning with BRICS policies.

These developments kept gold’s safe-haven appeal intact, but hopes for imminent trade deals capped any upside. Macroeconomic data reinforced the mixed mood.

The US nonfarm payroll report showed 147,000 jobs added in June, with unemployment dropping to 4.1%. However, the decline in unemployment resulted mainly from fewer people seeking work, not broad hiring.

The US dollar strengthened on the data, putting pressure on gold. Meanwhile, China continued to add gold to its reserves, supporting long-term demand.

ETF flows painted a nuanced picture. The SPDR Gold Shares ETF attracted $8.3 billion in net inflows year-to-date, but the pace of new investment slowed in June and July.

The World Gold Council confirmed that global gold ETF holdings rose by 322 tonnes so far in 2025, but recent weeks saw a pause in buying.

Technical analysis from the charts reveals a market at a crossroads. On the four-hour chart, the 50-period moving average sits below the 200-period moving average since early July.

This “death cross” signals persistent bearish sentiment. The price remains range-bound, with resistance at $3,345 and support at $3,320 and $3,281.

The MACD indicator on the four-hour chart shows weak momentum, while the RSI hovers near the neutral 50 mark, suggesting indecision. The daily chart confirms the shift.

The 50-day moving average, which had trended upward for most of the year, now points slightly downward. This change marks a loss of bullish momentum.

The MACD on the daily chart remains below its signal line, and the RSI sits just under 50, reflecting a lack of conviction. Bollinger Bands show the price consolidating, with volatility subdued.

Volumes remain low, and no major breakout has materialized. The market continues to watch for news on trade deals and tariff policy. If gold fails to break above $3,350, the risk of a move into a bear market rises.

Support at $3,320 and $3,281 will be critical in the coming sessions. The fundamentals and technicals align to show a market searching for direction, with traders waiting for a catalyst to set the next trend.

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