Technical analysis by Henrybillion about Symbol PAXG on 7/2/2025

Gold is currently trading around 3,337 USD, having tested the 3,350 USD resistance zone without a successful breakout. The price remains under pressure from key macroeconomic factors:- The Dollar Index (DXY) is stable above 106 – a sign of continued demand for the greenback, which weakens gold.- U.S. 10-year Treasury yields hold around 4.35%, reinforcing the view that the Fed will keep interest rates high.- The Core PCE report for June remains above the Fed’s 2% inflation target, decreasing expectations of a rate cut in Q3.- Safe-haven demand is weak, as geopolitical tension in the Middle East and Eastern Europe remains subdued.➡ Overall, these factors confirm that XAUUSD remains under bearish pressure in both the short and medium term, especially while key resistance remains intact.1. Technical Analysis – XAUUSD on D1 Chart- Price recently tested the 3,340 – 3,350 USD resistance zone, a confluence of:Previous supply zone- Fibonacci retracement 0.5–0.618 from 3,399 USD- Key Change of Character (CHoCH) level- RSI is forming a mild bearish divergence, signaling weakening bullish momentum.- EMA20 and EMA50 are both sloping downward – confirming the prevailing bearish trend.This setup is typical of a Sell on Rally pattern, with each retracement being rejected at strong resistance.2. Key Technical Zones to WatchTechnical Role- 3,350 – 3,340 Major resistance (Fibo 0.5–0.618 + supply + CHoCH)- 3,294 – 3,285 Nearest support – previously a resistance-turned-support- 3,255 – 3,235 Short-term target zone – June low- 3,223 – 3,205 Strong medium-term support – April low + extended Fibo3. Suggested Trade SetupPreferred Scenario: SELL below 3,350Entry: 3,345 – 3,347Stop Loss: 3,351Take Profit 1: 3,335Take Profit 2: 3,330Take Profit 3: 3,320Ps : XAUUSD is retesting a major resistance zone without macro or technical catalysts for a sustained breakout. The best approach remains to sell at resistance and take profit near support, in alignment with the ongoing bearish trend.The strategy will be updated regularly – don’t forget to save and follow to stay ahead of market opportunities.The analysis was provided by Henrybillion