Gold rebounds from $3,120, reaches $3,211 – Bulls target $3,234 & $3,260
|- US-China Tariff easing softend safe haven demand for Gold.
- Dollar strength plays heavy for Gold Bulls.
- Gold attracts buyers on dips at $3120 and reclaims $3200
- Stability above $3200 is positive for Bulls.
- Immediate resistance sits at $3234 and Support at $3180
Gold strong drop to $3120 attracted buyers as rebound rally reclaimed the psychological zone $3200 reaching $3211
Immediate hurdle sits at overhead resistance $3215 which bulls need to clear for next resistance $3234 followed by 4 hourly 50 EMA $3260 and 100 SMA $3290
If the metal witnesses retracement below $3200-$3180, some more downside move may expose $3170-$3160
Price action is moving within a broad ascending channel and decisive break above $3290 will open the way to a strong bullish rally towards major resistance positioned at channel resistance $3390
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.