Gold remains within an extended near-term range, but the broader outlook continues to favor the bulls

Gold remained in the red on Thursday, pressured by stronger-than-expected U.S. retail sales data, which reinforced the Federal Reserve’s position to hold interest rates steady until clearer signs of inflation emerge.

Fresh bearish momentum pushed prices briefly below the lower boundary of the recent range near \$3320, approaching key support at \$3308—the top of the thick, rising daily Ichimoku cloud—which held firm and prompted a rebound.

Gold continues to be caught between two opposing forces: the Fed’s “wait and see” approach that keeps interest rates elevated and supports the U.S. dollar, and persistent uncertainty surrounding tariffs, the global economy, and geopolitics, which sustains safe-haven demand.

The metal has been trading sideways in recent days, reflecting a state of balance between these opposing pressures, as traders await clearer directional cues.

Despite the consolidation, the broader bullish trend remains intact, with price action still holding beneath the all-time high at \$3500.

Near-term movement is confined within the \$3377–\$3320 range. While today’s brief dip below \$3320 may prove short-lived, a break on either side of this range would likely offer the next directional signal.

Daily technical indicators remain aligned with a bullish bias—momentum is positive, and the daily Ichimoku cloud continues to offer strong support—reinforcing the view that the current consolidation is likely a pause before another bullish leg.

Strong support in the \$3320–\$3300 area should limit downside risk and keep the focus on renewed tests of the upper range (\$3373–\$3377). A break above this resistance zone would open the path toward the psychological \$3400 level, followed by the June 16 peak at \$3452.

Res: 3377; 3392; 3400; 3452
Sup: 3320; 3308; 3300; 3282