Gold reclaims $3,300, bulls need break above $3,330-$3,340 and defend $3,305-$3,300

• FOMC Meeting Minutes showing concerns on inflation, tariff impact and no rush to rate cut in July.
• Trump announces 50% tariff on Brazil exports to US.
• Markets wary of uncertainties of tariff, geo politics and rate cut delay.
• Gold finds buyers as prices dropped to $3282 and trigger a rebound to $3328.
• Bulls have succeeded defending psychological zone $3300.
• Rebound faces challenge at $3330-$3341.

Gold sentiment: Bullish above $3,330

Markets seem to have digested dovish minutes by Fed and soft bond yields. Breakout potential is building up above key moving averages.

Gold appears to have formed a local demand base at 3305-3310 as bulls succeed defending the psychological zone 3300 and yesterday's FOMC Meeting Minutes provided much needed boost supportive for rally to reclaim 1 hourly 50 EMA 3313 and 4 hourly 50 EMA 3321 also aligning with 38.2% Fibonacci zone of up wave 3248-3366

Today's recovery rally extended to 3328 and price stability above 3320-3317 looks supportive for further upside towards 3330-3332 which meets descending Channel Resistance and bulls need a strong breakout above this area for validation of current bullish trend.

Decisive acceptance above 3332 will face challenge at 3338-3341

In the view of current bullish momentum, any retracement towards support zone 3310-3306 is likely to attract buyers.