📉 Gold Takes a Breather – Third Day in the Red
Gold (XAU/USD) extended its slide into a third straight day on Friday, drifting below the $3,350 mark as traders leaned into technical patterns in the absence of major economic headlines.
Opening around $3,370, bullion dipped to an intraday low of $3,342, shedding 0.7% in early trade. On a weekly basis, gold is on track to snap its two-week winning streak, down around 2.5%.
The vibe in the market? Quiet. The mood? Bearish. But the long-term bulls aren’t sweating yet.
💡 Technical Outlook: Still Above Key SMAs
Despite the short-term pullback, gold remains technically strong:
| SMA | Level |
|---|---|
| 50-day SMA | $3,317 |
| 100-day SMA | $3,139 |
| 200-day SMA | $2,901 |
Gold is comfortably above all major SMAs, suggesting the uptrend remains intact unless further selling pressure breaches those zones.
📈 Double-top resistance alert: The recent high at $3,450 could serve as a tough level. If bulls break past it, the next resistance is the all-time high at $3,500.
🏆 Gold vs Everything: Still The Golden Boy
Yup, don’t let this weekly dip fool you — gold is still up 28% YTD in 2025, outperforming:
-
S&P 500 → +1.9%
-
Bitcoin → +12%
Even with the Fed’s hawkish hold at 4.5%, and inflation expectations climbing (thanks to Trump’s tariff tantrums), gold remains king over riskier assets. However, higher yields do raise gold’s opportunity cost, making fixed-income assets temporarily more attractive.
📅 What to Watch Next Week (June 23–28)
Markets may be sleeping now, but next week’s economic calendar is anything but boring:
| Date | Event |
|---|---|
| 📌 Tuesday | Fed Chair Jay Powell’s Senate testimony (Interest rate clues?) |
| 📌 Wednesday | Continued Powell grilling — Q&A fireworks possible |
| 📌 Thursday | Q2 GDP Report – Expect volatility if numbers surprise |
| 📌 Friday | PCE Inflation Data – The Fed’s #1 inflation gauge |
Each of these could throw serious heat on gold — either fanning the flames upward or slamming it back below $3,300.
🧠 Forex Fusion’s Final Take
While gold’s short-term chart shows a cool-off, the broader trend remains bullish. Unless we see a major break below the $3,317 level, buyers might soon return for another attempt at $3,450 or even $3,500.
🕊️ But for now, technical traders rule the day — watching candles, support zones, and RSI like hawks. So stay tuned, bhai, aur ready raho… kyunki agle hafte ya toh sona chamkega, ya bikhega.
