Gold Price Forecast: XAU/USD picks up but remains within range below $3,360

• Gold bounces from $3,325 lows but remains trapped within the last few days' range,
• A softer US Dollar is providing some support for Gold, but the positive risk sentiment keeps weighing on precious metals.
• XAU/USD should break resistances at $3,360 and $3,365 to hint at the end of the corrective phase.
  

Gold  (XAU/USD) is trading with a moderate positive bias on Tuesday, trading at $3,340 area after bouncing from $3,325 lows earlier on the day. The broader trend, however, remains bearish from last week's highs above $3,400 with price action trapped in the last few days' range, below $3,360.

The precious metal is drawing some support from a softer US Dollar amid a moderate geopolitical optimism after Monday's meeting between Trump and Zelenskyy in the White House. Trading volumes, however, remain at relatively low levels amid the summer holiday season in Europe and North America.

Technical analysis: Gold has found support $3,325

From a technical perspective, XAU/USD is bouncing up from the 61.8% Fibonacci retracement of the early August rally, at $3,355. This is a common target for corrections, but the pair is lacking upside momentum as shown by the 4-hour RSI, which remains flat around the 50 level.

The pair would need to break resistances at $3,360 and $3,375, on August 18 and August 14, respectively, to give some hope for bulls for a retest of the August 8 high, at $3,410.

On the downside, a confirmation below Tuesday's low, at $3,325, would bring the July 29 low and July 31 highs, at the $3,305-$3,315 area back to the bears' focus. Further down, the next target would be the August 1 low, at $3,282.