“¢ The precious metal stalled its overnight corrective slide ahead of 100-hour SMA support and managed to regain positive traction during the Asian session on Tuesday.
“¢ The latest disappointment from Chinese manufacturing PMI dented investors’ appetite for riskier assets and provided a modest boost to the commodity’s safe-haven demand.
“¢ The mentioned support coincided with 50% Fibonacci retracement level of the $1266.50-$1288.75 up-move and might now act as a key trigger point for bearish traders.
“¢ Oscillators on hourly charts have again started gaining traction but maintained their bearish bias on the daily chart, warranting some caution before placing aggressive bets.
“¢ Hence, investors are likely to wait for the upcoming event/data risks – the latest FOMC monetary policy update and NFP, before positioning for the next leg of a directional move.
Gold 1-hourly chart
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