Gold slips as dollar firms, though broader bullish trend likely to hold

Gold prices slipped on Tuesday morning as the dollar strengthened broadly. Fresh pressure followed a double rejection at the key Fibonacci resistance at \$3355 (61.8% of the \$3500–\$3120 drop), with an overbought stochastic adding to the bearish signals.

The decline briefly pierced the strong \$3300 support area (23.6% Fibo of \$3120–\$3365, psychological level, and 20DMA) but failed to confirm a decisive break lower—suggesting the move may reflect consolidation or a shallow correction before the broader bullish trend resumes.

This view is underpinned by mounting uncertainty over the deteriorating U.S. fiscal outlook, the Fed’s policy path, trade tensions, and escalating geopolitical risks—all of which support safe-haven demand.

Any extended pullback should ideally hold above \$3277 (38.2% Fibo / 10DMA) to maintain a healthy corrective structure and preserve the potential for a renewed push toward \$3355 and possibly \$3400/10 (round number / 76.4% Fibo retracement).

Res: 3310; 3323; 3365; 3400
Sup: 3290; 3277; 3265; 3250