Spot Gold stands at the back foot on reduced safe-haven demand but overall structure is still bullish
|GOLD
Gold price remains in red on Tuesday on reduced safe-haven demand as geopolitical tensions over Syria eased, but holds for now above Monday’s low at $1340.
Rising 10SMA (currently at $1338) reinforces support zone, where dips should be contained, to keep bullish setup of daily techs intact.
Near-term action is also underpinned by thickening daily cloud which twisted on Monday.
Renewed upside attempts could be expected while 10SMA holds, but firm break above $1350 (Monday’s high / recovery rejection) is needed to signal fresh recovery extension towards next barrier at $1356 (27 Mar high / 20-d upper Bollinger band).
Bearish scenario sees increased downside risk on close below 10SMA which would expose next pivot at $1333 (12/13 Apr double-bottom) and turn near-term bias into bearish mode on break.
Res: 1350; 1353; 1356; 1360
Sup: 1340; 1338; 1336; 1333
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