Gold rebounds from $3,120, reaches $3,211 – Bulls target $3,234 & $3,260
- US-China Tariff easing softend safe haven demand for Gold.
- Dollar strength plays heavy for Gold Bulls.
- Gold attracts buyers on dips at $3120 and reclaims $3200
- Stability above $3200 is positive for Bulls.
- Immediate resistance sits at $3234 and Support at $3180
Gold strong drop to $3120 attracted buyers as rebound rally reclaimed the psychological zone $3200 reaching $3211
Immediate hurdle sits at overhead resistance $3215 which bulls need to clear for next resistance $3234 followed by 4 hourly 50 EMA $3260 and 100 SMA $3290
If the metal witnesses retracement below $3200-$3180, some more downside move may expose $3170-$3160
Price action is moving within a broad ascending channel and decisive break above $3290 will open the way to a strong bullish rally towards major resistance positioned at channel resistance $3390
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.
