Gold Update: Bulls Test Weekly R1 at 3360

The 3360 Weekly R1 level is proving to be a solid barrier. This was anticipated, as weekly resistance levels often require multiple attempts or significant volume to break through cleanly.
gold needs substantial volume to power through this resistance level, but we're heading into a low-volume trading environment.
With the US markets closing early today for Independence Day, we're looking at reduced trading activity. This creates a few scenarios:
Lower volume could mean less momentum to break resistance
Thin trading conditions might lead to choppy price action
Any breakout attempts may lack the conviction needed for follow-through.
3308 Major Support: This remains our key downside level to watch. If the bulls can't make progress at 3360 and we see some profit-taking, this support zone becomes crucial for maintaining the recent bullish momentum.