gold shows bullish momentum and targeting 3440 next?

As mentioned in the previous XAUUSD weekly forecast, gold has trapped sellers and now likely shifted its momentum to buying.

$3357 was the key pivot point, and gold has successfully broken it and is trading above it. 

The bias in gold for this week is buy, but it can change mid-week to buy as well. With that in mind, let’s discuss the key pivot levels for gold buying and selling in this XAUUSD weekly forecast from July 21st to July 25th, 2025.

Key economic events of this week

Some significant U.S. economic reports are scheduled for release this week that are expected to impact XAUUSD. 

Thursday, July 24 – Unemployment Claims

A weakening labor market was indicated by the higher-than-expected number of jobless claims (228K vs. 221K). Because of the heightened expectations of monetary easing, this could devalue the USD and boost gold prices.

Thursday, July 24 – Flash Manufacturing PMI & Flash Services PMI

PMI Manufacturing PMI showed a small decline in industrial activity, falling short of forecasts (52.7 vs. 52.9).

Gold may be favored as a safe-haven asset, and the USD may be under pressure if the Flash Services PMI likewise exhibits weakness.

However, a large increase in unemployment claims might somewhat counteract the strength of the dollar and provide gold with some short-term support.

Gold HTF Overview

The gold monthly overview remains the same as the last weekly forecast, as it targets the $3435 level once again, after which we may see some bearish momentum again in gold. Until then, gold is expected to remain bullish as per the monthly time frame.

Gold Forecast for July 21st to July 25th, 2025

There are two zones in the 4h chart where you can buy gold. 

The closest zone is the $3344-3333 support and OB, where gold can test and fly to $3377 and beyond.

However, if gold decides to do a deeper retracement, then the $3308-3383 is the best area to buy gold as it is the swing low and the ideal OB and FVG to buy this asset.

For selling, the 1h chart has a clear supply candle which is at $3380-3394. This is also the swing high, so we can expect some selling pressure from this zone.

Trading Strategies & Investment Recommendation

To conclude, gold can give both buys and sells this week. Lower time frames are suggesting sells, while higher time frames are still favoring a buy position in gold. 

Resistance Levels

• $3380-3394 – 1h supply zone and swing high

Support Levels 

• $3344-3333 – 4h OB and support
• $3308-3383 – 4h swing low, OB and FVG