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After reviewing the movements of the gold futures this week, I anticipate that a tug of war between the gold bulls and bears seems to be finally approaching toward a series of crucial economic data releases that could sway market dynamics on Friday, August 29, 2025 as the spotlight will be on the Core PCE Price Index, a key inflation indicator closed watched by the Federal Reserve.
Undoubtedly, this release, along with other key economic reports, will provide valuable insights into consumer spending, inflation trends, and the overall state of the economy.
Moreover, the gold bugs will be watching the CFTC Gold Speculative Position at 3:30 PM ET, which will reveal speculative positions in gold futures.
I anticipate that the gold futures are kicking around the idea of a Federal Reserve rate cut in Septembaer, while the investors are not sure about the odds, which may be closer to 50-50 despite widespread expectations.
Undoubtedly, strong economic indicators, including solid GDP growth, healthy financial conditions, and low volatility, stand in the way of a clear case of easing as the nominal GDP growth remains robust at 5%, unemployment holds steady at 4.2%, and retail sales continue surpassing expectations, far from needing stimulus.
Technical Levels to Watch
In a daily chart, gold futures are facing stiff resistance at the immediate resistance, at $3476, after a rally since August 25, 2025.
Undoubtedly, the next resistance will be at $3510, followed by the second resistance at $3534, and only a breakout about the second resistance could confirm the continuation of an uptrend it the gold futures sustain above this pivotal point for some time, otherwise this move will attach big bears at this point as the yellow metal lose its potential of a safe haven.
On the lower side, gold futures could find support at their immediate support at the 9 DMA at $3421, while the second support will be at the 50 DMA at $3384. But a breakdown below this could push the gold futures to test the next support at the 100 DMA at $3358 and the final support at the 200 DMA at $3092.
Disclaimer: Readers are requested to take any position in gold at their own risk, as this analysis is only based on observations.