Gold bulls eyeing further advance towards $2,555

Gold bulls eyeing further advance towards $2555.
Geo political concerns and Powell's rate cut clues fuel the rally.
Any small dips are attracting fresh buying.
Traders remain cautious on heights.

Sunil Kumar Dixit SK Charting

As J Powell gave precise signals of upcoming rate cut in September, markets soared and so did Gold. Additional triggers came from Middle East geo-political woes that provide constant rally in Gold prices which refuse to budge below $2500 and today's rally leans on $2527, waiting to break above $2532 to advance towards next resistance $2543 followed by $2555

Immediate support is seen located at $2510 below which next demand zone sits at $2500

If this support band is breached, expect a retracement beginning from $2495-$2490 initially.

Given the looming geo-political crisis in the Middle East, any dips may be an attraction for speculative buyers who remain optimist of continued bullish rally in near future.

On the other hand, the metal has some possibility of correctional decline from $2555 areas which may accelerate if $2500-$2490 support band is breached.

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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