Gold needs strong break above $3,335 to reclaim $3,345-$3,355 as bulls eye $3,385

Gold forms base at $3280 and Bulls reclaim $3300.
Strong break above $3335 may extend to $3345-$3355.
Immediate Support sits at $3322-$3312.
Break below $3310 exposes $3290.

Sunil Kumar Dixit SK Charting

Gold has formed local support base at $3280 and consolidation above the psychological zone $3300 adds strength to prevailing bullish momentum that approaches immediate hurdle being faced at $3335

Bulls need to clear through $3335 in order to advance towards swing high $3345

If $3345 is decisively broken, upside rally is likely to reach broad descending channel resistance $3355-$3358 while next challenge sits at $3365-$3375 and major upside targets are seen at $3385

In case the buying momentum takes a break, $3322 will act as turning point to further retracement to next support $3312-$3310

If $3310 is breached, next downside is likely to expose $3290-$3280

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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