Core Viewpoint - The article discusses the current state of the gold market and the anticipated impact of the European Central Bank's (ECB) interest rate decision on gold prices, with expectations of a 25 basis point rate cut supporting gold in the medium to long term [1]. Group 1: Market Overview - The US dollar index has risen to 98.89, while gold is trading at $3,375.10 per ounce, showing a slight increase of 0.07% [1]. - Gold prices reached a high of $3,383.91 and a low of $3,360.88 during the trading session [1]. - The market is closely watching the ECB's interest rate decision and the changes in US initial jobless claims [1]. Group 2: Economic Analysis - Nadia Gharbi, a senior economist at Swiss wealth management firm Pictet, suggests that the ECB is unlikely to provide clear signals regarding July's rate actions but may indicate a pause in rate cuts [3]. - The US Institute for Supply Management (ISM) reported a decline in the non-manufacturing Purchasing Managers' Index (PMI) to 49.9, marking the first contraction in the service sector since June 2024 [3]. - Deutsche Bank maintains that the terminal rate for the ECB's easing cycle should remain at 1.50%, but the end of this cycle may come sooner than previously expected [3]. Group 3: Technical Analysis - Following a rise on June 2, gold has been maintaining a narrow trading range, with expectations of continued volatility [4]. - Key support for gold is noted at $3,350, while a breakout above $3,385 could target the $3,410 level [4].