GOLD – Bears strengthen control, retesting the daily Ichimoku cloud

Gold remains under pressure for a second consecutive day, weighed down by a stronger dollar amid growing risk aversion linked to rising uncertainty over U.S. tariff policy.

Sellers are once again testing key support at $3300 — a psychological level aligned with the top of the rising daily Ichimoku cloud — after recent attempts were repeatedly rejected at this zone.

So far, today’s price action is contained within the cloud, with bears breaching the 50% Fibonacci retracement of the $3120–$3452 rally at $3286. Attention now turns to the next key support at $3277, marked by the ascending triangle trendline.

Technical indicators on the daily chart remain bearish: the Tenkan-sen and Kijun-sen are aligned in a negative setup, and downside momentum is building. A decisive break below $3277 could pave the way for a deeper drop toward critical supports at $3247 (June 30 higher low / 61.8% Fibo) and $3228 (cloud base).

On the other hand, failure to secure a daily close within the cloud would reduce immediate bearish pressure. However, bulls need to reclaim the $3236–$3255 area (broken 38.2% Fibo / upper triangle boundary) to neutralize near-term downside risks and reestablish bullish momentum.

Markets now await the release of the Fed minutes later today for clearer insight into the central bank’s short-term rate outlook.

Res: 3300; 3308; 3325; 3338
Sup: 3277; 3247; 3228; 3205