Gold outlook: Bears tighten grip and probe again into daily cloud
|Gold
Gold remains in red for the second consecutive day, pressured by stronger dollar on risk aversion as uncertainty over US tariffs rises.
Bears probe again through pivotal support at $3300 (psychological / rising daily cloud top) in attempts to sustain break lower, after cloud contained several attacks recently.
Today’s action so far hold in the cloud, as bears cracked 50% retracement of $3120/$3452 ($3286) and eye next significant support at $3277 (triangle support line).
Daily studies are weak (Tenkan/Kijun-sen in bearish setup / negative momentum is strengthening) and supportive for further easing, with loss of $3277 trendline support to risk attack at key supports at $3247 (Jun 30 higher low/ Fibo 61.8%) and $3228 (daily cloud base).
Conversely, another failure to register daily close within the cloud, would ease immediate downside threats, but regain of $3225/36 (broken Fibo 38.2% / upper triangle boundary) will be required to sideline near-term bears and shift focus higher.
Fed minutes (due later today) are in focus for more details about Fed’s short-term rate outlook.
Res: 3300; 3308; 3325; 3338.
Sup: 3277; 3247; 3228; 3205.
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