Gold Rally Tests Key Resistance Amid Fed Rate Cut Speculation

Spot Gold climbed 1.8% to $3,369/oz following a disappointing U.S. jobs report, with markets now pricing an 81% probability of a September Fed rate cut. The metal's symmetrical triangle pattern between $3,300 support and $3,360-$3,372 resistance suggests imminent volatility.

Citi raised its 3-month gold target to $3,500, citing deteriorating U.S. growth metrics and sustained central bank demand. Global gold consumption ROSE 3% YoY in Q2 to 1,248.8 tonnes, with institutional buyers accounting for one-third of total demand.

The technical setup shows tightening consolidation, where a decisive break above $3,380 could propel prices toward $3,430, while failure at $3,330 may trigger retreat to $3,200. Upcoming U.S. inflation data will determine near-term directional bias.