Although Gold had a deep decline on the day when the market sentiment accepted Risk on. However, the price quickly recovered around the round price of $ 3,300 - also the previous price bottom. This is opening up the short-term outlook: Gold is likely to prioritize technical recovery throughout today's trading day.
The Asian session has now extended its bullish momentum and surpassed the important intraday price level of $ 3,330. Therefore, the expected upside price target is towards $ 3,346 or even $ 3,358
Although the $ 3,346 price level acts as the lower edge of the previous range that was broken, it is not recommended to Short directly. Only at the $ 3,358 price level (if any) should we Short directly. The $ 3,346 price level needs a candlestick confirmation showing that the downtrend is still continuing before taking action.
Any reaction to $3,346 (or $3,358) and a drop below $3,330 would open the door to further downside.
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