Gold fails to hold gains at $3,330, drops to $3,288, bulls need to reclaim $3,305-$3,315
|As Gold rallied to $3,331 yesterday taking all retail stops above critical resistance $3325, the bullish momentum seemed to be decisive.
However, the closing below $3325 caused intraday selling pressure giving the retail margin traders yet another run for their longs who saw their stops being triggered as prices dipped to $3288.
Current sideways trades remain trapped below immediate resistance $3305, which bulls must conquer in order to step up the gas for next hurdle $3314, a Fibonacci zone.
If Gold finds enough buying momentum above $3314, next litmus test comes programmed at $3325-$3331 to resume the bullish path for $3,345-$3,355-$3,365.
Meanwhile, rejection from $3,305-$3,314 will indicate sellers' domination causing momentum shift towards $3,288 below which next support may come at $3,280.
Note:
Bullish breakout above $3325-$3335.
Bearish breakout below $3288-$3280.
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.