GOLD Recovers After $35 Drop – Key Resistance at $3349 Date: July 29

📉 Recent Price Action: Gold (XAU/USD) dropped nearly $35, finding support around the $3,311–$3,302 zone and recovering back toward the $3,330 level as risk appetite improved due to an EU–US trade agreement

🔍 Technical Outlook

🟢 Bullish Scenario:
Support Held: $3311 (61.8% Fib + short-term demand zone)

⬆️Upside Targets:
⚫️$3347 (initial resistance)
⚫️$3356 (key pivot – breakout confirmation)
⚫️$3371–$3393 (supply zone)
⚫️$3450 → $3458–$3490 (psychological + historical resistance)
⚡️Key Bullish Trigger: 1H candle close above $3352–$3355 (200 SMA on 4H)

🔴 Bearish Scenario:
Breakdown Level: $3310 ( If sustained $3270 would be next major block ahead before which Buying can be done in low risk trades at $3290-$3280 Range)

⬇️Targets if $3310 fails:
⚫️$3300 (near-term support)
⚫️$3284 (monthly low)
⚫️$3250 (psychological, Fib support)

🧭 Key Levels to Watch
•Support: $3315 → $3287 → $3251
•Resistance: $3347 → $3356 → $3371+

🌐 Market Drivers to Monitor
•EU–US Trade Deal: Diminishes safe-haven demand, boosts USD
•US Treasury Yields: Higher yields suppress non-yielding gold
•US–China Trade Truce Talks: Sentiment-sensitive catalyst

⚠️ Geopolitical Risk: China–Taiwan tensions back in focus

📊 Inflation Data + Fed Watch:
FOMC Rate Decision (July 30)
Powell Speech(July 30)
Core PCE Inflation
NFP Payrolls (Aug 1)

📌 Summary:
Gold remains vulnerable below $3,349 but is showing resilience near key Fibonacci support. Upcoming Fed policy decisions, tariff headlines, and inflation data could be the trigger for the next directional move.