Gold Bulls lose grip as $3300 psychological handle fails to hold as support.
Strong selling pressure forces Gold to drop to $3282
Bounce back off the lows lacked conviction as relief rally loses steam at $3310
Any resumed rebound attempt faces strategic hurdle at $3307-$3310
Rejection from resistance calls for yet another retest of $3282-$3278-$3273 where buyers may show some interest if price action shows buyers signatures.
Bulls need to clear through immediate hurdle $3300 psychological zone followed by next important resistance $3307 and $3310 which stopped yesterday’s rebound attempts. Strong break and Day/Week close above $3321 will further confirm return of bulls.
Markets will closely monitor upcoming FOMC meeting minutes for some clues on macro factors and potential measures, if any.
