Gold rebounds from $3,268, reaches $3,315, temporary rally to face challenge at $3,323-$3,336

Sunil Kumar Dixit SK Charting

Gold: What happened and why?

From intraday high of $3334 Gold dropped to $3268 yesterday, which aligns with 100 Day SMA.
This sums up a significant $66 drop in a day which came on the back of strengthened Dollar Index rising over 100 Day SMA 99.10 reaching 99.96

What's next?

Today's Asian session begins with buyers returning to the desk as buying dips looks attractive amidst looming uncertainties on global economic front due to Trump tariff turmoil.
Gold has witnessed a recovery rally jumping off the lows reaching $3315 and bias turns positive with further gains in sight aiming $3323-$3333 on intraday basis before any new attempt to resume decline.

Note: Meanwhile any pullback towards support zone is likely to witness buyers joining again on dips around $3300-$3295-$3290

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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