Gold challenges $3,057 high: Is $3,100 coming soon?
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Gold revisits $3056, challenges the record high.
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Economic concerns in global auto sector as Trump announces 25% import tariff on Cars.
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Break above $3058 will extend bullish rally towards $3081 & $3103.
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Support zone sits at $3040-$3034-$3022.
The US President Donald Trump announced 25% import tariff on non-US made vehicles resulting in yet another turmoil in the markets.
As dollar continues to reel under pressure below 104.50 local pivot, Gold prices get booster momentum towards fly north and flirt with all time high $3057
Well, Gold making a new All Time High seems to have become a new normal, a routine.
Going further, price has made a breakout above the classic Cup-with-Handle candlestick pattern as seen on 1 Hour time frame which has almost accomplished it's $20 formation height target at $3056
If Gold bulls succeed in breaking above $3058, we may witness bullish momentum advancing towards trend based Fibonacci extension targets $3073-$3081 followed by $3103
Retracement towards support zone $3041 & $3034 will attract buyers while bulls need to defend $3021 support.
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.
