Gold resumes bullish rebound, targets descending channel resistance $3,380
|-
Dollar weakness supports Gold Upmove.
-
Immediate hurdle $3250.
-
Next Challenge 4 Hourly 100 SMA $3280.
-
Major Resistance descending channel trendline $3380.
-
Support Zone $3215-$3200 & $3190.
Gold continues to attract buyers on dips as the weakness in the greenback keeps safe haven demand for the yellow metal intact.
As bulls successfully reclaimed the psychological mark $3200 and established support at local demand zone $3215, the metal witnesses further attempts at 4 hourly 50 EMA $3242 above which immediate hurdle sits at $3250.
If Gold finds enough buying momentum and clears through $3250, we expect next upsde reaching mid range $3265 above which further extension comes for $3280
A strong push followed by a Daily close above this $3280 will ease the way to major resistance at descending channel resistance $3380
All this while, any retracement towards local demand area $3230-$3215 will be closely monitored by bulls as break below this zone will extend decline to $3200 below which next support sits at $3190
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.