Cautious buying lifts Gold from $3,311 eyeing FOMC Minutes for $3,350?
|- Gold plays strong on Buoyancy principles as dips to $3311 attracts buyers reclaiming 1 Hourly 100 SMA at $3336
- Markets remain broadly cautious ahead of upcoming FOMC meeting minutes for clues on Interest rate outlook.
- Dollar Index drops from Intraday high of 98.40 to 98.10 adding strength to Gold's bullish momentum.
- Russia-Ukraine crisis remains on edge despite Trump mediation.
What's going on with Gold?
Cautious markets prefer safe haven asset Gold than Dollar and early Asian session witnessed a consolidated buying off the lows of $3311.50 which triggered bullish rally that advanced surpassing cluster of resistances $3327-$3336 and reached $3344 aligned with 4 hourly 50 EMA.
If Gold maintains bullish momentum above $3343, next upside target sits at $3349 above which critical hurdle and turning point is swing high $3358 followed by $3364.
Meanwhile, some pullback retracement towards support base may not be ruled out on US session opening hours with a potential retest of $3336-$3330-$3325 zone where buyers may resurface for extended bullish rally that targets $3385.
On the flip side, break below $3320 followed by break below $3310 will resume selling pressure to target $3305-$3292.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.