Gold is seeing a modest bounce back up in European morning trade, after falling to around $4,335 at the tail end of Asia trading.
The past few hours is seeing gold push back up to around $4,367 currently but buyers were dealt a bit of a blow in trading yesterday
That after seeing price fall back below both the 100-hour (red line) and 200-hour (blue line) moving averages: In seeing that break, the near-term bias has now switched to being more bearish for gold. However, that is not to say that buyers are down for the count just yet. The latest rebound shows that dip-buying appetite is still present, with some minor support also seen closer to the $4,313-17 region.
I would be more convinced of a renewed break to the downside if buyers fail to hold this level upon a break of the key hourly moving averages above. But for now, we are seeing some fight as buyers push price back up to aim for a test of the 200-hour moving average at $4,368 again. Keep below that and the near-term bias holds more bearish for now.