Peter Smith
Gold (XAU) has entered a volatile phase, dropping sharply to test a rising trendline near the $3,324 level. The move comes amid geopolitical news and ahead of a heavy macroeconomic data week. Traders are eyeing whether this key support will hold.
Gold Price Hits $3,324 After Trade News
XAU hit the $3,340–$3,345 target zone on the eve of the U.S. market open. A subsequent drop followed news of a U.S.–EU trade agreement, causing gold to gap lower and open around $3,320 on Monday.
On the chart, $3,324 aligns with prior significant lows at $3,309, $3,282, and $3,244, forming a strong ascending support trendline. As of now, gold is trading near $3,328.58, and this structure is being closely watched by technical traders.
Key Economic Events Could Trigger Gold Volatility
This week is packed with critical data releases, including:
- August 1 tariff deadline
- Non-farm payrolls (NFP)
- PCE inflation report
- Interest rate decision
These events could significantly impact the gold (XAUUSD) price, especially if the $3,324 support fails to hold. Traders may expect heightened volatility and potential breakouts in either direction.
Conclusion
Gold (XAUUSD) is currently holding above $3,324—a key rising support level. Whether this level breaks or bounces may depend on how upcoming macroeconomic events unfold. The market is poised for decisive movement.
Peter Smith
