Gold opened extremely bearish during Asian mornings, following a weekend without major fundamental drivers. Price is currently hovering around the 3307 medium-term trend support.
If price breaks and holds below the 3307 level, it would confirm a bearish bias in the medium term. However, on higher timeframes, gold’s price remains bullish.
With the FOMC minutes scheduled for release on Wednesday and the same day as Trump’s tariffs expiry date (July 9th), the current market action could be interpreted as positioning or a “buy the dip” event. Should the 3307 level break, our targets are 3275, followed by 3255, where we anticipate renewed buying interest.
In the interim, we will focus on trading price action as we await further market developments.