Amidst thin trading volume, Gold looks for $2,650-$2,660

Markets lack strong volume as institutional traders are absent.
Despite thin trading, Gold trades above $2624 local support.
Next support $2620 & $2610, Next Resistance $2637 & $2647.
Major Resistance may come at $2655-$2665.

Sunil Kumar Dixit SK Charting

As institutional traders are not participating due to holiday season that stretches from Christmas to New Year, markets witness low trading volume.

Meanwhile, Gold has been trading above local demand zone $2624 and awaits a break above $2631-$2633 initial hurdle to advance its prevailing rally towards next resistance band $2637 followed by $2647.

If this resistance band is cleared with stability above the zone, recovery rally is likely to extend legs for $2655-$2665.

Sellers may be seen repositioning their short positions on heights in anticipation of another bearish push lower which will be signalled by strong break below $2624 and downside targets may be considered initially to revisit $2610-$2600 followed by major downside target $2550-$2530.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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