Gold prices are struggling to gain momentum after a moderate intraday rebound from the $3340 level. Traders remain cautious, preferring to await the release of the U.S. Nonfarm Payrolls (NFP) report, which will provide key signals on the potential path of Federal Reserve rate cuts. This data will have a significant impact on short-term U.S. dollar demand and, by extension, gold price dynamics.

At the same time, rising market expectations for a renewed Fed rate-cutting cycle in the near future are restraining dollar bulls, which, together with ongoing trade-related uncertainty, supports gold prices. However, the positive news of a trade agreement between the U.S. and Vietnam is limiting upside potential. Under such conditions, it would be prudent to wait for a clear resurgence in buying activity before counting on a continued rise in gold prices.

From a technical perspective, the breakout above the 200-hour Simple Moving Average (SMA) earlier this week was an important signal for gold bulls. Moreover, oscillators on the daily chart are again showing positive momentum, indicating a predominantly bullish trend. As a result, any short-term pullbacks may be viewed as buying opportunities, especially near the $3330–$3328 support zone (the 200-hour SMA). However, a decisive break below this area could trigger technical selling, pushing prices toward the psychological $3300 level.

On the other hand, the $3363–$3365 level, along with Wednesday's weekly high, serves as immediate resistance. A breakout above this level would open the door toward the $3400.

A sustained rally beyond that threshold would neutralize short-term bearish sentiment and drive the XAU/USD pair toward the next key resistance zone in the $3450–$3440 level.