XAU/USD outlook: Gold eases on firmer Dollar, larger bulls expected to remain intact
|XAU/USD
Gold price fell on Tuesday morning, as dollar firmed across the board. Fresh weakness emerged after a double failure at pivotal Fibo barrier ($3355, 61.8% of $3500/$3120) with overbought stochastic contributing to negative technical signals.
Dips cracked strong $3300 support zone (Fibo 23.6% of $3120/$3365 / psychological / 20DMA) but were unable to register a clear break lower so far that adds to initial signals of consolidation / limited correction, before larger bulls regain traction.
The notion is supported by growing uncertainty over darkening US fiscal outlook, Fed’s rate trajectory, US tariffs and overheated geopolitical situation that are supportive for safe haven demand.
Extended dips should not exceed support at $3277 (Fibo 38.2% / 10DMA) to mark a healthy correction and keep bulls in play for retest of $3355 and potential extension towards $3400/10 (round-figure / Fibo 76.4%).
Res: 3310; 3323; 3365; 3400.
Sup: 3290; 3277; 3265; 3250.
Interested in XAU/USD technicals? Check out the key levels
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.