Global Gold Price Analysis: Where Will the Battle Between Buyers and Sellers End?
Global Gold Price Analysis: Where Will the Battle Between Buyers and Sellers End?
Gold continues its fluctuations within a defined range, with a tough battle between buyers and sellers in the market. The price remains volatile, and the future of the gold market is still uncertain.
Summary of the Analysis
Recent data from the United States revealed that inflation has reached 3.3%. Despite this, the recent growth has not significantly altered the RSI-14 from its neutral range.
According to DailyForex, gold prices increased to $4,410 in previous weeks before dropping to around $3,335. This surge in demand followed statements by U.S. Treasury Secretary Scott Bassett, who supported a 0.5% rate cut in September (Shahrivar).
Inflation and Technical Analysis
Despite the increase in demand, recent U.S. inflation data showed a 3.3% rise, which is far from the Federal Reserve’s target of 2%. Technically, the upward trend in gold remains valid as long as it stays above the $3,300 level. If this momentum continues, buyers may drive it toward resistance levels at $3,378, $3,385, and then the psychological level of $3,400. This would strengthen the control of buyers over the trend.
However, the recent growth has not caused significant changes in the RSI-14 from its neutral range, and the MACD indicator has also remained in a neutral zone. The $3,400 resistance level remains an important threshold for the strength of the bullish trend. A bearish scenario would only be triggered if the $3,300 support level is broken.
Other News: South African Gold Production
In other news, South African gold production in June 2025 increased by 3.1% compared to the previous year. This marks the second consecutive month of growth, exceeding last month’s 1.5% increase, contributing 0.4 percentage points to the annual growth of mining production.
