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Today Technical Analysis: Gold Jumps 1% Breaking $3,420 as the US Dollar Weakens

July 23, 2025, 07:31

Gold Technical Analysis

Gold remains in a dominant bullish trend long term, showing higher highs and higher lows, but current movement is in corrective mode.

Despite a bearish crossover on short-term moving averages, price is still above 30-period moving average, which supports the bullish trend.  MACD has crossed bearish and histogram expanding downward, reflecting the bearish correction.

Eyes on moving average MA(30) as it acts as dynamic support. A bounce from it may push prices higher to $3,450. However, a bearish break below $3,400 may push prices lower to $3,370 level.

Gold (XAUUSD) 1H Chart

Gold (XAUUSD) 1H Chart 23-7-2025
Resistance$3,448$3,475$3,500
Support$3,404$3,383$3,368

USDJPY Technical Analysis

Medium-term trend on the USD versus the Japanese Yes remains bearish, but price is staging a corrective pullback from the 146.20 low recorded yesterday.

A falling wedge breakout occurred on the hourly chart, but the price is now approaching previous support level turned resistance around 147.50

MACD has turned bullish, but signal lines are still in early phase, confirms short-term bullish push.

A clean break and retest of 147.55 could target 148.20 next. However, a rejection at 147.30–147.50 could cause prices to drop to 146.60 and 146.20 zone

USDJPY 1H Chart

USDJPY 1H Chart 23-7-2025
Resistance147.43148.00148.27
Support146.72146.20145.78

S&P500 Technical Analysis

S&P500 shows a medium-term bullish trend after breaking out of a prior sideways range, with prices recording higher highs and higher lows. Price is nearing a critical resistance level.

The recent pullback bounced at a bullish flag bottom, suggesting continuation if it holds above 6,285.

MACD shows early signs of bearish divergence as price made a higher high, while MACD is flattening.

A break above 6,338 may target 6,368. However, a break below 6,285 could cause the index to drop to 6,250

S&P500 1H Chart

S&P500 1H Chart 23-7-2025
Resistance6,3366,3506,375
Support6,3206,3066,295
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