This week, key economic events are expected to influence gold prices. Projections indicate opportunities for both selling and buying the asset.
Key Economic Events This Week
Several significant U.S. economic reports are scheduled for release this week, which may impact the gold market.
Tue, Jul 1 - Fed Chair Powell Speaks, ISM Manufacturing PMI, JOLTS Job Openings. - Powell’s speech may increase volatility since hawkishness could hurt gold while dovishness could strengthen gold. - The ISM Manufacturing PMI slightly beat expectations but indicates contraction, offering some minor support for gold. - Labor market resilience may constrain gold upside, evidenced by stronger-than-expected JOLTS job postings.
Wed, Jul 2 - ADP Non-Farm Employment Change. - Labor market strength indicated by a strong beat in ADP jobs statistics may renew rate hike expectations, strengthening the USD and pressuring gold.
Thu, Jul 3 - Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate, ISM Services PMI. - Gold may benefit from weaker NFP (120K vs. 139K) and slower wage growth (0.3% vs. 0.4%), suggesting cooling labor and inflation.
Gold HTF Overview
The last day of June may determine where July takes gold prices. The price swept the high of May 2025, and the $3122 low is currently pending. A red monthly candle close might take gold to $3122; however, a strong bullish close may push it to test $3441.
Gold Forecast for June 30 - July 4, 2025
The best zone to short gold is at the $3320-3337 level, considering the key levels observed on the 3-hour timeframe. On the 30-minute chart, the closest selling level is at $3301-3313, where the price has broken support and is now acting as resistance. Major buying in gold is expected from the $3232-$3202 level, based on the 4-hour chart and position analysis.
This week, gold may present opportunities for both buying and selling. Lower time frames suggest selling, while higher time frames still favor buying.
