SunilKumarDixitSKCharting

SunilKumarDixitSKCharting

As Gold drops from record $2790 to $2577, this $213 fall may be considered as Wave A Correctional wave 1-2-3 may follow up from this $2577-$2572 zone and a recovery rally may begin targeting $2630 & $2660 in near term.

SunilKumarDixitSKCharting

Rising dollar keeps hammering gold's safe haven demand despite looming geo political concerns as Trump effect dominates markets. A $73 intraday drop from day high of $2686 pushed the yellow metal to $2613 The low comes in close proximity to swing low $2602 If bulls succeed in reclaiming stability above this low, next resistance comes at $2650 Recovery above...

SunilKumarDixitSKCharting

Gold maintains stability above 2650 and stays afloat above critical support 2646, thus we maintain our bullish bias with required confirmation of break above 2670 for advance towards next leg higher 2690 followed by 2710

SunilKumarDixitSKCharting

Gold maintains stability above $2600 and reached new record high $2640 A temporary retracement is retesting immediate support zone $2623 which is likely to attract buyers. If this support breaks, expect a drift lower to next point of interest $2613 On the higher side, Gold is likely to retest $2640 above which markets may witness bullish extension claiming $2660

SunilKumarDixitSKCharting

After gold faced strong rejection from $2484 triggering a $100 sell off that caused a drop to $2384, some pause in selling pressure is visible as price meets support zone 100 SMA $2387 on 4 hour chart. Immediate resistance is seen dynamically positioned at $2402 which if cleared, can extend relief rally to reach 50 EMA $2416 Further upside depends on strong...

SunilKumarDixitSKCharting

Gold recorded new all time high at $2483 and faced strong headwinds to fell significant $90 from high to test $2393 before settling at $2400 Breaching $2393 calls for extended correction to $2388-$2383 while 4 hour time frame chart shows 8 continuous bearish candles indicating oversold conditions calling for interim rebound towards $2413-$2426-$2440 while $2440...

SunilKumarDixitSKCharting

Gold has gathered traction reaching $2424 though weekly settlement is seen at $2411, below $2416 which may act decisive for further upside. If $2416-$2424 zone is not breached, there's high probability of retracement towards support $2386-$2378 before resumption of bullish wave. Buyers are likely to resurface at the correction for value bargain causing strong...