Gold Prices Shift as Iran-Israel Conflict Pauses
The Iran-Israel conflict paused due to U.S. intervention. This led to a drop in safe haven assets like gold and silver.
Gold’s trend has shifted to selling. However, a price bounce is expected this week. Traders can look for sell positions at key levels. Let’s discuss the pivot points for gold trading this week, from June 30th to July 4th, 2025.
Several U.S. economic reports will impact XAUUSD this week.
- Tue, Jul 1 – Fed Chair Powell Speaks, ISM Manufacturing PMI, JOLTS Job Openings
- Wed, Jul 2 – ADP Non-Farm Employment Change
- Thu, Jul 3 – Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate, ISM Services PMI
Powell’s speech could increase market volatility. A hawkish tone could hurt gold, while a dovish tone could weaken the USD and boost gold.
Despite a slight enhancement, the ISM Manufacturing PMI still shows contraction. This provides minor support for gold. Tho, strong JOLTS job postings indicate a resilient labor market. This could limit gold’s upside.
A strong ADP jobs report might renew rate hike expectations. This could strengthen the USD and pressure gold.
weak NFP and slower wage growth favor gold. A higher unemployment rate and weak ISM Services PMI could boost gold further.
Today is the last day of June. The monthly close could decide July’s direction for gold. A bearish close could push gold to $3122.A bullish close could test $3441.
The best zone to short gold is $3320-3337. The closest level for selling in the 30m chart is $3301-3313. Major buying is expected from $3232-$3202.
Gold can offer both buy and sell opportunities this week. lower time frames suggest sells, while higher time frames favor buys.
Resistance Levels: $3301-3313, $3320-3337.
Support Levels: $3232-$3202.
