Gold Finds Support at 200-Day EMA as Dip-Buyers Snap Up Bars

Gold has found support at its 200-day EMA and continues to attract 'dip-buyers' despite recent volatility. According to FOREX.com, gold futures positioning has trended higher with rising longs and diminishing shorts, indicating a bullish skew among traders.

The US dollar rally has formed a doji around its 50-day EMA, hinting at resistance holding over the near term, which may lead to a 'cheeky bounce' towards $4,600. The higher timeframes continue to suggest gold could eventually break above $5,000.

Options traders have reduced their bias towards puts (downside protection), with risk reversals temporarily flipping back in favor of calls. This supports the 'dip-buying mentality' of gold traders over the coming weeks or months unless the US dollar can truly rally.