Gold retraces from $4,500, bulls in control above $4,350

Gold started the early Asian session with strong bullish momentum reaching psychological zone $4500
Initial consolidation failed to break the barrier and dropped to Fibonacci zone $4444 and tapped into 1 Hour 200 SMA $4428
Short time frame structure is lacking bullish conviction, calls for temporary correctional retracement towards $4410-$4380
Bulls need to reclaim overhead resistance $4480 to resume upward advance clearing through $4500 for next leg $4550

Sunil Kumar Dixit SK Charting

Fundamental drivers

Geo political tensions are causing global economic uncertainty as US attack on Venezuela has sparked safe haven demand resulting in Gold rush.

Global central banks are working on reducing dollar dependence and increasing Gold holdings in the reserves.

Dollar Index shows weak attempts to gain acceptance above 98.80 resulting in odds against recovery.

Technical drivers

1 Hour RSI reading of 42 indicates hesitation to resume bullish advance with chances of a lower retracement.

Price stability below 1 Hourly 50 EMA $4452 keeps momentum under pressure and sellers in control.

Overhead resistance $4475-$4480 restricts potential for bullish rebound.

A support zone sits at $4410 which coincides with 1 Hourly 100 SMA below which next potential downside retracement may reach Fibonacci zone $4380

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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