GOLD – Bullish bias holds above $3325, supported by U.S. fiscal uncertainty

Gold edged higher on Friday morning, recovering part of the losses triggered by the post-NFP reaction.

The metal remains on course for a weekly gain after two consecutive weeks in the red, reinforcing the positive outlook as prices stay near the upper boundary of the broader consolidation range between \$3500 and \$3120.

The negative impact of stronger-than-expected U.S. labor data proved short-lived, with rising fiscal concerns—after Congress passed President Trump’s tax-cut and spending bill projected to add \$3.4 trillion to the national debt—likely to weigh on the dollar and support safe-haven demand.

The technical picture on the daily chart remains mixed. While near-term price action is underpinned by a thickening daily Ichimoku cloud, upside signals are tempered by 14-day momentum still in negative territory and an overbought stochastic oscillator.

Bullish bias is expected to persist while the price stays above \$3325, which marks the broken 38.2% Fibonacci retracement of the \$3452–\$3246 move. However, a sustained break above the \$3350 barrier (50% Fibonacci / daily Kijun-sen) and \$3365 (Thursday’s high) is needed to reinforce the bullish outlook and open the path toward \$3373 (61.8% Fibonacci) and the psychological \$3400 level.

Friday’s trading is expected to be subdued due to reduced volumes, with U.S. markets closed for Independence Day.

Res: 3345; 3350; 3365; 3373
Sup: 3325; 3311; 3308; 3300