- Finds buyers once again near $ 1343 levels, as bulls look back to $ 1350.
- Will the bounce sustain amid higher European stocks/ risk-on?
Gold futures on Comex are attempting a minor bounce from two-day lows of $ 1343.40, as the bulls continue to find support just ahead of the hourly 200-MA located near $ 1342.20 levels.
Despite, a risk-on rally seen in the European equities, positive Treasury yields and broad USD rebound, the yellow metal is seen making headway once again towards the psychological levels of $ 1350, as the ongoing geopolitical tensions between the US and Russia over the Syrian strikes continue to underpin the sentiment around the safe-haven gold.
However, further upside appears capped as the investors prefer to hold the US currency heading into a flurry of US macro releases due on the card in the session ahead. Meanwhile, a slew of Fedspeaks could also leave the gold bulls on the back foot, as the Fed officials deliver comments on the Fed’s monetary policy programme.
FXStreet’s Analyst, Omkar Godbole noted: “A move above $1,350 (previous day's high) could yield a re-test of supply around $1,362 (Feb. 16 high), above which a major resistance is seen at $1,365 (April 11 high). On the downside, breach of support at $1,341 (10-day moving average) would allow a drop to $1,333 (April 12 low) and $1,331 (50-day MA).”
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