SunilKumarDixitSKCharting

SunilKumarDixitSKCharting

Gold is seen consolidating on the higher side around $2360 and faces next resistance at $2368-$2372 There is a growing possibility of a pull back towards breakout zone $2340 and perhaps a tad lower to $2337-$2332-$2327 Buyers are likely to join the bullish league for next leg higher $2368-$2372 followed by $2388-$2397 Disclaimer: This is a price action based...

SunilKumarDixitSKCharting

Gold burst out of long consolidation at $2339 and advanced to $2350 Immediate resistance is at $2353 where some pull back is likely towards breakout zone $2339 If sellers are attracted, expect drag further to recent low $2319 Break below this zone opens the way to extended decline to seek liquidity in Fair Value Gap zone $2303-$2297 There is a growing...

SunilKumarDixitSKCharting

After recovering to $2334 Gold declined to $2323 and resumed showing signs of life revisiting $2332 The set up indicates potential for renewed bearish attack and bear hunting pushing the metal down for retracement to 50% Fibonacci zone $2316 followed by 61.8% Fibonacci zone $2311 Better risk vs Reward may occur on retracement to 78.6% Fibonacci zone $2302 and a...

SunilKumarDixitSKCharting

Gold has been trading in a bullish consolidation. $2293 low tested on 26th of June was a higher high and indicated a bullish consolidation on a broader time frame. Retracement to 50% Fibonacci zone $2317, 61.8% Fibonacci zone $2312 and discounted 78.6% Fibonacci zone $2302 are key levels signifying points of interest which may attract buyers at value zone after...

SunilKumarDixitSKCharting

Gold found strong buying from value zone $2302-$2293 which aligned well with ascending trendline tallying with $2287-$2293 and rebound reached $2332 There is a growing possibility of some pull back towards $2316-$2312 or further down to breakout zone $2305-$2302 where enough FVG is available till base at $2293 This scenario should be followed with stops below...

SunilKumarDixitSKCharting

Yesterday's price action breached long held support zone of $2310-$2306 reaching $2293 and today's opening trades show bullish rebound trading above $2310 as we write, reached $2312 As long as horizontal support $2300 remains intact, there is a possibility of correctional recovery extending to $2317-$2322 Sellers may resurface on resistance resuming downtrend...

SunilKumarDixitSKCharting

Gold shows some minor upward recovery signs though momentum lacks substantial follow through buying activity as overhead resistance is seen active at $2337 As long as the metal does not break above $2337 resistance followed by stable break above $2343, there is a high probability of break below $2317 swing low with a follow up decline to $2305 and a further...

SunilKumarDixitSKCharting

After strong resistance from $2368 resistance zone that scared many short sellers out of the play, Gold eventually fell like a hot potato dropping straight to $2316.80 which is just inches away from 61.8% Fibonacci retracement level $2318 and settled the Day at $2321. Though minor trend is bearish, a possibility of resumption of uptrend can not be ruled out if...

SunilKumarDixitSKCharting

Gold apparently gathers some buying from $2300 base and attempting consolidation for extending recovery to next overhead resistance $2325 followed by $2337 Upcoming trading sessions may witness high volatility causing swings to test resistance zone and trigger supplies that target $2309-$2305 where some buying may resume for measured upside towards $2325 Renewed...

SunilKumarDixitSKCharting

Gold has established a valid breakout surpassing previous All Time High of 2144 as the metal advanced further to 2161 riding on the expectations of a rate cut by Fed. As long as 2145 acts as horizontal support, we expect continuation of prevailing bullish momentum reaching 2185-2200 which is likely to attract retail traders for profit booking as short term...

SunilKumarDixitSKCharting

Gold faces strong resistance at $2018-$2022 supply zone and we expect a drop to 38.2% Fibonacci level $1975

SunilKumarDixitSKCharting

Gold seems to be trading with slightly bullish bias following yesterday's rebound from TSE:1969 low and todays trading shows attempt to test TWSE:2006 resistance zone. We take a view that the metal can start decline again from TWSE:2006 supply zone and retest TSE:1969 swing low followed by extra weakness leading to HKEX:1955 Fibonacci zone. On the flip...

SunilKumarDixitSKCharting

As Gold consolidates above $1950 after yesterday's drop to $1944, sustainability above 23.6% Fibonacci Level $1958 will support further ascent to next Fibonacci Levels 38.2% at $1966.60 followed by 50% at $1973.60 and 61.8% % at 1980.60 1 Hour price action shows crisp momentum with 1st Higher Low on current wave at $1949 which should be followed by a Higher High...

SunilKumarDixitSKCharting

Nasdaq is seen descending from 23.6% Fibonacci level 12656 and sustained break below previous Day's low of 12634 will drag Nasdaq down to next leg lower 38.2% Fibonacci Level 12469 Below this next support is 50% Fibonacci Level 12317 The above mentioned Fibonacci Levels relate to retracement measured from 11676 low and 12959 high Note: This projection is purely...

SunilKumarDixitSKCharting

As Gold broke $1962 important 23.6% Fibonacci Level and dropped to $1944 before a sluggish rebound to support turned resistance $1960, traders await reaction to this zone. Though structure becomes weak and momentum turns bearish, any consolidation above $1962 will put Gold back into Bullish path resuming uptrend which has initial challenge at $1968-$1972 followed...

SunilKumarDixitSKCharting

As Gold continues to hold above $1928 horizontal support base, we maintain our outlook for an extended rally towards potential Target $1950 for the day which is very likely to extend further to major Target and Resistance $1962 and $1972 Any correction towards support areas of $1920-$1915-$1911 will be value buying. Note: This projection is based on price action...

SunilKumarDixitSKCharting

As Banks in the US have been sounding alarm bells for liquidity crisis, investors are rushing towards Gold as safe haven. Also signs of imminent recession raise the concerns. We saw a bullish up move in Gold that began from $1885 and jumped to $1938 Any correction towards support areas of $1900 or a tad lower $1890 will be used by buyers for value...

SunilKumarDixitSKCharting

As Dollar Index climbs to 104.46 Gold comes under pressure dropping to $1842 If Gold sustains below $1844-$1842 there is possibility of further decline to $1840-$1835 and even $1828 As Fed Chair J Powell testifies, we may witness increased volatility in Dollar and Gold. If Gold manages to hold above support zone, we may see buyers coming and a rebound may...