Gold pushes on $3,340 support as US CPI data looms while bulls need break above $3,365-$3,375
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Intraday gains remain capped at $3359 resistance.
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Support base $3340 under pressure to break, exposing risks to $3322-$3298
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Markets await release of US CPI data for range breakout.
Dollar maintaining stability above 98.40 keeps sentiments afloat while pushing Gold prices towards long held local demand zone $3340
Just below $3340, sits 50% Fibonacci zone $3338
Repeated attack on a support weakens holding strength and as obvious, a next break below the belt will expose next leg lower which aligns with golden ratio 61.8% Fibonacci zone at $3322
Next major support is positioned at discounted zone 78.6% Fibonacci zone $3298
If CPI numbers trigger a Gold rebound, bulls need to clear through immediate hurdle $3359 followed by immediate resistance $3365 which brings next overhead resistance $3375 which is turning point for further acceleration towards next leg higher $3385-$3390 turning short trend bullish.
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