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.
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Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
