GOLD – Bulls Reclaim Control, Hold Firm Above \$3300

Gold maintains a firm tone and attempts to solidify its position above the $3300 level, following a rally that lifted the price to a one-week high on Wednesday morning—extending Thursday’s strong 1.8% surge.

Renewed safe-haven demand has been fueled by continued weakness in the US dollar, which came under pressure after a credit rating downgrade and lingering uncertainty over the Congressional debate on former President Trump’s tax cut proposal. This political gridlock has added to concerns about the dollar’s outlook.

Geopolitical tensions have also supported gold prices, with recent media reports highlighting a rise in hostilities between Israel and Iran, prompting investors to seek refuge in the precious metal.

The technical outlook has improved notably. Wednesday’s advance retraced 61.8% of the $3437–$3120 downswing and confirmed strong support around the $3200 area, where multiple downside attempts failed—creating a bear-trap below $3164 (Fibo support).

Daily moving averages have returned to a fully bullish alignment, while 14-day momentum has crossed into positive territory and continues to strengthen, bolstering near-term prospects. However, overbought conditions on both daily and 4-hour charts suggest that a brief consolidation may precede further gains.

Limited pullbacks are likely to hold above the $3280 zone (broken 50% Fibo and intraday low) to preserve the bullish structure. A sustained break above the $3300–$3316 region is needed to confirm bullish continuation and open the way toward $3362 and $3400 (76.4% Fibo / psychological resistance).

Conversely, a drop below $3280 could trigger a retest of $3256 (10-day moving average), which would challenge near-term bullish momentum.

Res: 3320; 3347; 3362; 3400
Sup: 3300; 3280; 3256; 3241