Gold plunges from $2458 to $2402
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 from zero line of $2400 below which sell off can extend to $2380-$2375
Downside may be limited for Gold as most traders rush to safe haven in times of global uncertainties and some momentum accumulation may not be ruled out that may support prices to retest $2430-$2444
However, $2460 remains a tough nut to crack for bulls and only if this hurdle is cleared, the metal can resume bullish rally that initially targets $2484-$2498
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 from zero line of $2400 below which sell off can extend to $2380-$2375
Downside may be limited for Gold as most traders rush to safe haven in times of global uncertainties and some momentum accumulation may not be ruled out that may support prices to retest $2430-$2444
However, $2460 remains a tough nut to crack for bulls and only if this hurdle is cleared, the metal can resume bullish rally that initially targets $2484-$2498
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