Gold retraces slightly but holds near historic levels

[Redator]

The precious metal has seen a major bounce in the past two days but is currently seeing some heavy selling after the US-Japan Tariff Deals have been reached.

You can learn more about the details of that deal right here.

In prior sessions, Gold was profiting from the selloff in the US Dollar but the dynamics have changed today as sentiment on global trade outlook is turning more positive.

Silver, Copper and Palladium are still moving upwards but Platinum and Gold are struggling today.

Let's take a look at multiple timeframes to spot the zones of interest to gain your edge.

Read More: Dow Jones rebalancing continues after US-Japan Trade Deal

Gold multi-timeframe Technical Analysis

Daily Chart

Gold Daily Chart, July 23 2025 – Source: TradingView

Since our preceding analysis, the precious metal had formed multiple small scale bounces on the 2025 upwards trendline and thsi led to Monday's impulsive move up.

On the bigger picture however, the price action is mostly rangebound as prices have failed to breach the Key resistances that would at least point towards another visit to its all-time highs ($3,500)

One thing that can't be said however, is that the price action is looking weak – bounces are usually strong and bulls are in control as long as prices hold above the 3,350 Pivot Zone.

Levels of interest for trading:

Support Levels:

• $3,350 to $3,375 Pivot Zone
• 50-Day MA $3,335
• $3,300 to $3,330 Major Support
• $3,000 Longer-run Psychological Support

Resistance Levels:

• $3,439 Daily highs
• Immediate Resistance Zone 3,410 to 3,440
• $3,500 all-time highs

Potential Resistance Zones in the case of an upside breakout, from Fib Extensions:

• Potential Resistance 1 between $3,640 to $3,705
• Potential Resistance 2 around $3,800

Gold 4H Chart

Gold 4H Chart, July 23 2025 – Source: TradingView

Looking closeer, we see how the deal led to the ongoing strong 4H Bear candle after marking daily highs at 3,439, bringing back 4H RSI momentum to neutral

The move from the past few days has been strong but before prices actually breakout, the range is still confirmed.

With prices holding above the Current Pivot Zone, the ball is still in the buyers' hand, with the 4H 50-period MA (currently at 3,363) being a key barometer for the intermediate trend.

If bears fail to close the session around or below the Pivot Zone, bulls will stay in control.

30m Chart

Gold 30m Chart, July 23 2025 – Source: TradingView

Looking closer to the 30-minute chart, the selloff that had started in the past 2 hours is finding some support at the upward intraday trendline formed after the last swing low.

Prices are contained between the 2 key 30m MAs, with the 50 acting as resistance ($3,423) and the 200 acting as immediate support (3,378) – Spot for the breaching of any of these two for relative measurement of bull and bear strength


Safe Trades!

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