Gold rally pauses on ceasefire but Powell's concerns keep bulls hopeful
|- Ceasefire pauses Gold's Bullish Rally.
- $3350 Critical Resistance weighs heavy on Bulls.
- Familiar Range awaits breakout.
- Upside requires break above $3338 followed by $3346.
- Rejection will resume decline to retest $3300-$3390.
Gold remains sideways trading within familiar range of $3337 resistance and $3310 support and awaits triggers to breakout of the coiling rangebound price action.
Break above immediate resistance $3330-$3338 will push the metal to next overhead resistance $3346
If bulls reclaim stability above $3346, next important challenge sits at $3358-$3363
Clear break and day close above $3363 will ease the ay to resumption of bullish rally.
On the flip side, failure to break above $3338-$3346 will resume downward momentum shifting to retest $3316 below which swing low $3295 and lower areas $3270 will be in focus.
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