SunilKumarDixitSKCharting

SunilKumarDixitSKCharting

Gold continues to probe overhead resistance near all time high $2532 as traders lean on the edge between $2527-$2529. Every dip is being used as consolidation and accumulation rather than distribution and the decline is quickly being followed up with a rebound that knocks at the door of record high waiting to breakout. The set of factors that drive safe haven...

SunilKumarDixitSKCharting

Gold found some selling pressure from $2418 yesterday and plunged to $2379 and currently trades with some bounce back off the low , facing resistance at $2398 If this resistance is breached, expect some further upside to reach 4 Hourly 50 EMA $2412 where some selling can resume targeting retest of $2379 below which next support will come at $2364 Major support is $2353

SunilKumarDixitSKCharting

Gold dropped to $2364 and approached support zone of the descending parallel channel on 4 hour time frame chart and attracted some buying momentum that today reached $2418 Some pause is seen with consolidation above $2410 while further advance requires strong break above $2418 for advance towards $2430-$2444 Failure to make decisive break above $2418 will result...

SunilKumarDixitSKCharting

Growing labour market concerns and widespread sell off in equities has gripped sentiments across most segments which is causing heightened volatility and pressure on dollar index. Gold initially found some support at $2410 which witnessed advance towards $2458 only to face rejection as $2410 came under threat and tumbled to $2402 which is at striking distance...

SunilKumarDixitSKCharting

Gold shows consistent strength ahead of upcoming jobs report and hovers above $2460 $2430 has found local demand where buyers have repositioned their long bets in anticipation of bullish rally extending to potential advance towards $2483 and even a new all time high $2490-$2498 Meanwhile, volatility may witness some pull back towards aforementioned local demand...

SunilKumarDixitSKCharting

Gold has tested $2429 and trades calmly below this high ahead of much awaited Fed's rate decision. There is a possibility of some further advance towards immediate resistance $2433-$2435 If this zone is not breached with strength, rejection from this zone will call for retracement towards horizontal support and local demand zone $2400-$2380 where buyers are very...

SunilKumarDixitSKCharting

Yesterday's breakout to and subsequent rejection from $2403 was phenomenal as the metal dropped to $2370 before speculative buyers stepped in triggering a consolidated uplift to take Gold back up to $2392 today. On the higher side, 4 hourly 50 EMA sits at $2395 acting as initial resistance which if cleared, bullish rebound may reach $2400-$2403 where bears may...

SunilKumarDixitSKCharting

Gold is seen trading sideways with downside consolidation bias and after dropping to 42385, shows some upward momentum regaining $2396 area which again faces challenge at 4 hourly 50 EMA $2398 above which 4 hourly 100 SMA $2403 is next overhead resistance which capped gains todays opening rally. $2385-$2380 may be considered as interim support where as strong...

SunilKumarDixitSKCharting

Gold has completed 61.8% Fibonacci correction of $2293-$2484 which comes at $2366 Some recovery rally is expected to take Gold at nearest resistance zone $2384-$2390 If this zone is cleared, bounce back will extend to $2400-$2410 Rejection from resistance zone $2400-$2410 will resume bearish attack targeting $2360

SunilKumarDixitSKCharting

Gold approached resistance $2432 and we expect resumption of selling from $2432-$2435 with caution of stability below $2445 as bears are likely to target pushing the metal down to $2405-$2395 below which decline is likely to extend further to $2386 If $2386 breaks with a day close below the zone, drop may come to $2360

SunilKumarDixitSKCharting

Gold is showing retracement after recording new high at $2482 and strongly breached below 23.6% fibo $2340 to decline to 38.2% fibo $2409 and currently trades a tad lower There is a possibility of short term pull back recovery from the lows which may reach $2427-$2432 while immediate resistance is seen positioned at $2440 which acts as turning point for further...

SunilKumarDixitSKCharting

The strong breakout above $2368 has fuelled an ongoing bullish rally in gold which stands at striking distance from record high $2450. Odds favor a smooth retest followed by a strong acceptance above the benchmark to establish a new and dynamic milestone which may initially come at $2488. Given the chaotic regime changes across heavy weight governments as also...

SunilKumarDixitSKCharting

Gold shows signs of revival after initial retracement to $2400 zone and awaits strong break above $2424 for extension to $2450 record high. Volatility expected on the back of Fed chief J Powell. If pressure continues, a break below $2400 will drag the metal to local demand zone $2382 where buyers are likely to resurface for renewed rally to retest record high...

SunilKumarDixitSKCharting

After yesterday's uptick to $2386, Gold trades sideways ranging between $2370 support and $2383 resistance as markets await CPI numbers to find direction. There is a possibility of Gold extending consolidation below $2370 support and find buyers at lower demand areas $2360 and a follow up rebound is likely to be witnessed aiming retesting $2393 swing high above...

SunilKumarDixitSKCharting

Gold extends rebound as shown on the chart reaching $2381 Some extra mile to $2386-$2393 retest can not be rules out. If $2393 is not breached, expect sellers' entry with potential downward shift in momentum targeting $2350 If $2350 is broken, look for deeper exploration to $2337-$2332 Buyers are waiting at value areas.

SunilKumarDixitSKCharting

Gold shows some signs of life from yesterday's $2351 lows and today's dull trading witnessed attempts to recover which was capped at $2368 critical zone. There is possibility of some lower retracement towards $2343 followed by rebound towards $2373-$2383-$2393 which does require strong break above $2368 If $2343 support fails, expect correctional decline...

SunilKumarDixitSKCharting

Gold shows initial signs of pullback from $2393 as momentum takes a breather. Price action suggests cautious approach as probability of retracement towards breakout zone indicates retest of $2368 which may attract some buyers. If this support is breached, look for another dop down to $2355-$2343-$2331 If selling persists beyond these areas, a deeper pullback...

SunilKumarDixitSKCharting

Mixed data on much awaited NFP initially dropped Gold straight to $2350 quickly followed by resurgence to $2380, retracement to $2372 and finally docked at $2385 day high perch on frenzied rally. As the momentum takes a breather from day high $2385, price action is likely to witness sideways trades with slightly downward shift in bias which may be considered as a...