Gold prices (XAU/USD) continue to oscillate within a familiar range as traders look to upcoming US economic data and Federal Reserve announcements for fresh directional cues. Despite being buoyed at times by a softer US dollar and trimmed long positions, gold is struggling to break out of its recent consolidation phase.

A combination of strong US macroeconomic indicators and expectations of a robust GDP report have supported the dollar, thereby capping any significant gold rally. Market participants anticipate that the Federal Reserve will maintain a hawkish stance, which adds to the headwinds facing gold in the near term. Technical analysis reveals that gold is currently forming a bearish flag pattern, with immediate resistances at $3,345 and $3,360. Any sustainable upward movement will need to clear these resistance levels to shift sentiment away from the current bearish bias. If gold retreats below its recent lows—for example, the $3,295 area—further declines could target the June 30th low near $3,245.

Conversely, closing above $3,400 could pave the way for further upside and potentially attract renewed buying interest. Some analysts suggest that if bullish momentum returns, gold could approach the upper end of its recent trading pattern, targeting levels closer to $3,800. However, this would require decisive breakthroughs of technical barriers and confirmation from daily closes above these key levels.

In this environment, gold remains sensitive to both economic data and policy signals from the US. Until a clear catalyst emerges, expect the precious metal to remain range-bound, with traders closely monitoring evolving macro and policy developments for the next directional move. Investors should prepare for continued volatility as the market digests each data release and central bank statement.