Gold finds buyers on dips at $3,323, bulls face hurdle at $3,358
- Dollar struggles to recover off the lows.
- 10 Year Bond Yields drop to 4.28.
- Markets price in Trump-Putin summit fiasco.
- Upcoming Trump-Zelensky meet eyed.
- Buyers emerge at $3323 lows.
Markets seem to have digested Trump-Putin summit fiasco reflected in early Asian session trading which witnessed a quick drop to $3323 followed by buyers stepping in for a rebound to $3358 as caution on Trump-Zelensky meet keeps traders on toes and counting on further developments.
Meanwhile, Dollar Index struggles to recover off the lows with higher lows sequence in a slow and steady manner.
Jackson Hole symposium in Wyoming during August 21-23 will be in focus as Fed is likely to shed light on further plans on interest rate decisions for September meeting.
Short term price structure remains fragile with temporary bullish bias as bulls need a strong push beyond intraday high $3358 to assert a bullish continuation after clearing through overhead resistance $3364 which next targets $3374-$3380
Major resistance sits at $3390-$3395 which may act as supply zone if bulls fail to make a strong break above the resistance.
On the flip side, Break below $3341-$3339 will indicate presence of sellers which may extend downward momentum shift to $3332-$3328 and further to retest intraday low $3323 below which next support sits at $3318
If sellers dominate after break below $3318, way opens to decline extending to $3297
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.
