Gold May Continue to Frustrate TradersGold (Aug 2025)CMCMARKETS:GOLDQ2025cmcmarketsGold prices have stalled once again and have struggled to make any significant advances since mid-April, remaining stuck in a range between $3,150 and $3,450. This trading range has resulted in sideways price action, with several false starts along the way. However, technical analysis suggests that this range is likely to remain in place. After breaking above a downtrend in late May — a move that initially appeared convincing, with prices surging to $3,400 — gold has since declined, falling back to $3,300. As of 10 June, it is now retesting that trendline and bouncing at $3,300. This price also represents the 38.2% retracement of the rally from the 15 May intraday low of $3,120 to the 5 June intraday high of $3,400. The combination of the trendline and the Fibonacci retracement level is currently acting as support. Additionally, the Relative Strength Index (RSI) has broken above a downtrend, indicating a potential shift in momentum. At the time, all of this suggested that gold was likely to retest its previous highs. However, a new problem has emerged — one that is not particularly favourable for further gains in gold. As of 6 June, the price has fallen below a short-term uptrend and has also stalled at resistance around $3,320. In addition, the Relative Strength Index has now broken below its own short-term uptrend and is nearing the 50 level — a potentially bearish signal. If these developments are signs that all is not well, then gold could be expected to revisit its early May lows, around $3,100. As things stand, there are two viable paths for gold, and it is far from easy to determine which one is the correct one. Unfortunately, both scenarios suggest that gold is likely to remain range-bound for some time yet. Written by Michael J. Kramer, founder of Mott Capital Management. Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.