Fundamental Descriptions: Gold was up on Tuesday morning in Asia, even as the dollar slowly resumed an upward trend. A sustained move under 1830 will signal the return of sellers. If this creates enough downside momentum then look for a retest of the intraday low at 1785, followed by 1783.80 mark.
Technical View: Attempted recovery move stalled just ahead of the 1830 level. This is closely followed by the very important 200-day SMA, around the 1836 region, which should act as a pivotal point for short-term traders. Sustained strength beyond might trigger a fresh bout of a short-covering move and lift spot prices back towards the 1859-1860 supply zone.
Alternate Scenario: The 1811-1808 region now seems to protect the immediate downside ahead of the 1800 round-figure mark and the overnight swing low, around the 1786 area.
Technical View: Attempted recovery move stalled just ahead of the 1830 level. This is closely followed by the very important 200-day SMA, around the 1836 region, which should act as a pivotal point for short-term traders. Sustained strength beyond might trigger a fresh bout of a short-covering move and lift spot prices back towards the 1859-1860 supply zone.
Alternate Scenario: The 1811-1808 region now seems to protect the immediate downside ahead of the 1800 round-figure mark and the overnight swing low, around the 1786 area.