Gold Retreats, Bullish Momentum Holds

Gold is trading lower today and as of writing is testing the 100 hour moving average after a volatile session which started higher and rejected at the 20 hour moving average at 1,347. The precious metal looks trapped between the hourly moving averages in 10 dollars trading range as investors await the FOMC policy meeting.

The yellow metal momentum is bullish as it holds above all the major daily moving averages despite the recent correction. The immediate support for the yellow metal stands at $1,328 the low from previous Thursday that have tested successfully twice, while more solid support can be found at the $1,310 the low from early April. On the upside resistance would be met at 1347 the high from Asian session and then at 1,357 the high from Friday. We are bullish on gold and any pullback should consider as a buying opportunity.