Gold was keeping weaker on the day, down by over 1% to a low near $1,693 before finding some support there and keeping around $1,700 thereafter. But as the dollar falls in trading on the session now, we are seeing buyers try to contest for near-term momentum.
Price is rising back above the 200-hour MA (blue line) but still sits below the 100-hour MA (red line). As such, the near-term bias has shifted from being more bearish to more neutral.
Both sides have much work to do in establishing firmer momentum in the sessions ahead.
Move back above the 100-hour MA and the bias turns more bullish. Move below the 200-hour MA and the bias turns more bearish. Those will be the key levels to define and limit risk in gold as we continue to weigh up the fundamentals on the day.