Gold awaits range break, next move can be something big

Gold trades within tight range of $2,632-$2,660.
Traders await Initial Jobless Claims.
Dollar Index and Bond Yields on traders' radar.

Sunil Kumar Dixit SK Charting

Gold has been trading sideways within a tight range of $2632 support and $2660 resistance while current price action hovers above mid point $2650

Stability above $2650 favour continuation of prevailing upward momentum that targets $2664 initially, folowed by next fibonacci zone $2675

Some retracement is likely to witness a drop to $2646-$2642 local demand zone below which next support is seen located at $2632

Broader price trajectory may open up on the break out of the range.

If selling extends, break and close below $2632 will increase the possibility of decline to $2610-$2580

If bulls succeed breaking above $2664 followed by strong clearance through $2675, Gold will re-enter main bullish channel that initially targets revisiting $2696 followed by $2721

Traders will closely monitor how jobless claims result impacts Dollar Index and Bond yields.

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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