- 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
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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