On July 30, 2026, Asian session precious metals showed divergent trends. Spot gold consolidated narrowly around $2,390/oz, while spot silver retreated under pressure to around $30.50/oz. The market is focusing on next week's Fed rate decision, investor sentiment cautious, and overall precious metals trading light.
Gold: Repeated tug-of-war at $2,390 level, technicals await breakout
As of 14:00 Beijing time, London gold was at $2,392.8/oz, up 0.1% on the day. Gold touched a high of $2,398.2 during the Asian session but later retreated to around $2,390. Technically, gold is between the middle and upper Bollinger Bands on the 4-hour chart, with short-term support at $2,385-2,390. A break below could test $2,370. Resistance is at the $2,400 round level; a breakout could target $2,410-2,420.
On the news front, the U.S. Commerce Department will release initial jobless claims and GDP data tonight, serving as key references for judging whether the U.S. economy is slowing. Additionally, ongoing geopolitical tensions in the Middle East provide some safe-haven support for gold. However, the U.S. dollar index remains around 104.5, capping gold's upside.
Silver: Breaks key level at $30.60, short-term weakness may persist
Spot silver was weak in the Asian session, last at $30.48/oz, down 0.4%. Silver hit a high of $30.75 during the day but quickly retreated due to profit-taking. Technical indicators show MACD forming a death cross and RSI falling below 50, suggesting increased short-term correction pressure. Key support is at the $30.00 round level; if lost, a further decline to $29.50 is possible. Resistance is at $30.80-31.00.
On industrial demand, global manufacturing PMI data were mixed. China's July official manufacturing PMI came in at 49.5, remaining in contraction for three consecutive months, weakening silver's industrial demand. However, silver demand from the solar photovoltaic sector remains resilient, providing some support.
Outlook: Focus on Fed decision and PCE data
The Fed will announce its rate decision next week, with the market widely expecting a hold, but the timing of rate cuts remains the focus. If Powell signals dovish, gold and silver could regain upward momentum; if hawkish, further correction is possible. Additionally, Friday evening will see the release of the US June PCE price index, the Fed's preferred inflation measure. A decline would support rate cuts and be bullish for precious metals.
In terms of short-term trading strategy, investors are advised to stay cautious. Gold can be traded in the $2,385-2,400 range, while silver should watch for buying opportunities around $30.00. Precious metals overall remain in a bullish trend, and corrections may provide good opportunities for medium-term positioning.
Real-time Quotes Snapshot (2026-07-30 14:00)
- Spot Gold: $2,392.80/oz (+0.1%)
- Spot Silver: $30.48/oz (-0.4%)
- Platinum: $1,065.00/oz (-0.3%)
- Gold TD: 553.50 CNY/g (+0.2%)
- Silver TD: 7,650.00 CNY/kg (-0.5%)
Note: Data source is my Asian session quotation system. Real-time quotes are subject to trading software. Investment involves risk; enter the market with caution.
