Gold bulls are still in the game
Overview: Gold held trapped within a tight range after Tuesday's pullback found support near the lower boundary of the consolidation and the 23.6% Fibonacci at 4,330. Since the precious metal avoided an outlook deterioration and the 20- and 50-day SMAs maintain a bullish crossover, the bulls seem to hold the broader advantage.
Momentum: The technical indicators have softened, but the RSI remains in bullish territory and the MACD stays above zero, suggesting the rebound potential is still intact.
Bullish scenario: A close above the 100-day SMA at 4,385 could increase the chances of a trendline breakout at 4,455 and an extension beyond the 200-day SMA at 4,500. Above 4,574, bullish momentum could accelerate.
Risk: A break below 4,300 could activate some selling orders.
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