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Gold showed a minor pullback as US bond yields dipped. It hit a low of $3247 and is currently trading around $3343.40.
US Manufacturing Shows Slight Improvement Despite Contraction
Though still denoting contraction in the U. S. manufacturing industry, at a slowed pace, the ISM Manufacturing PMI rose to 49.0 in June 2025, slightly better than May's 48.5 and topping expectations. Though exports stay weak and input prices high as a result of tariffs and supply chain problems, important elements of the report point to slight rises in production and fresh orders, a rebound in stocks indicating supply chain stabilisation, and a slower rate of employment contraction. Though some difficulties remain, the data point to a minor increase in manufacturing attitude and hope for near-future stabilization.
US Job Openings Surge, Signaling Robust Labor Market
Released yesterday, the most recent US JOLTS data showed an unexpected rise in job postings for May 2025, reaching a six-month high of 7. 769 million, considerably above both the 7. 395 million of the previous month and market estimates of 7. 3 million. Although hires, total separations, quits, and layoffs stayed comparatively constant, this rise in job vacancies points to a strong and expanding labor market—usually viewed as bullish for the US dollar—and suggests possible consumer spending and economic growth. But the ratio of job vacancies to jobless people at 1. 07 indicates that although the market is robust, it seems less restricted than during the height of the recovery, therefore causing the US Dollar Index to rise following the release.
Markets eye the US ADP employment data for further direction.
According to the CME Fed Watch tool, the chances of a rate pause in the Jul 30th 2025 meeting have increased to 80.4% from 75.20% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above the short-term moving average 34 EMA and 55 EMA and above long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3325, and a break below this level will drag the yellow metal to $3300/$3245. The near-term resistance is at $3360 with potential price targets at $3385/$3400/43420$3450/$3475/$3500/$3550.
It is good to buy on dips around $3325 with a stop-loss at $3295 for a target price of $3385/$3400.
