$Gold - main 2508(GCmain)$ $E-mini Nasdaq 100 - main 2509(NQmain)$ $SPDR Gold Shares(GLD)$ ๐ฅโ๏ธ๐ฅ Gold Clings to Support: HVL Holds for Now, But $3,200 Is Make-or-Break ๐ฅโ๏ธ๐ฅ
Gold Futures (GCQ25) are teetering on the edge of a critical structure. Weโre holding the High Volatility Level (HVL) near $3,345, but a chilling chart reality is setting in: this is the worst technical structure gold has printed all year.
The 50 EMA has been breached. RSI is sliding. MACD crossed bearish. Stochastics are rolling over. Zooming out, price just broke below a 3-month compression wedge with momentum shifting to the downside. Bulls need to reclaim $3,370 Gamma Wall quickly, or this turns into a breakdown scenario with $3,200 the last line of defence.
๐ฃ If $3,200 fails, we could be staring down a major top formation with risk all the way back to $3,000โ$2,950. This is a structural pivot point for the entire 2025 gold thesis.
๐ง Whatโs Supporting Price Right Now:
โข $3,345 HVL is acting as soft footing with Gamma Wall and Call OI clustering at $3,370
โข COMEX open interest surged +4.4K contracts yesterday, possible stealth accumulation
โข Fed pivot bets growing as jobs data softens, while the US dollar just hit a multi-year low
โข Gold holding despite low volume into the July 4 holiday, thin books often mark turning points
๐ Flow + Macro Update:
โข ADP jobs miss + soft JOLTS data = growing dovish pressure on the Fed
โข Ongoing tariff uncertainty (July 9 decision) = safe-haven bid
โข $3.3T debt stimulus package in Senate = reflation premium staying bid
โข Reuters highlights spot gold retesting $3,358 resistance, right near the Gamma wall
๐ Technical Breakdown:
โข Bearish crossover on MACD, weak Stoch RSI
โข Breach of dynamic trend support
โข Breakdown from compression range with downside volume increasing
๐ฏ Decision Zones:
โข Hold $3,345โ$3,320 = Gamma squeeze potential back toward $3,400
โข Break $3,320 = Momentum shifts to full risk-off with $3,200 as final battleground
๐ฌ This is the most vulnerable gold has looked since October. The $3,200 level isnโt just technical, itโs psychological. Lose it, and every algo and CTA model flips bearish!
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