Gold shows positive vibes, bulls face challenge at $3,340
|Fundamental study
- Dollar Index takes a pause after climbing to 100 Day SMA 99.10
- Trade Deal between the US and Japan, EU improves global economic optimism.
- Trump Tariff deadline of August 1 keeps markets on edge.
- Upcoming Federal Reserve Interest Decision urges caution.
Technical study
- Gold shows some rebound attempts off the lows of $3300 areas.
- Immediate resistance sits at $3339, followed by next hurdle $3350-$3365.
- Immediate support $3326-$3321 carries prevailing upward bias.
- Break below $3321 likely to extend downward momentum shift towards $3310-$3300.
- Selling pressure below $3300 may extend decline to $3290-$3286.
Broader outlook: What's going on with Gold?
The recent sell off in Gold from $3439 reached psychological zone $3300 but rebound attempts lack strong conviction and immediate resistance sits at $3339 which bulls need to clear and further reclaim next hurdle at $3350 to establish a decisive rebound that initially targets $3365.
Rejection from resistance zone will eventually resume downward correctional wave retesting $3300 while further break below $3300 will expose $3290-$3286.
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.