Gold shows positive vibes, bulls face challenge at $3,340

Sunil Kumar Dixit SK Charting

Fundamental study

Dollar Index takes a pause after climbing to 100 Day SMA 99.10
Trade Deal between the US and Japan, EU improves global economic optimism.
Trump Tariff deadline of August 1 keeps markets on edge.
Upcoming Federal Reserve Interest Decision urges caution.

Technical study

Gold shows some rebound attempts off the lows of $3300 areas.
Immediate resistance sits at $3339, followed by next hurdle $3350-$3365.
Immediate support $3326-$3321 carries prevailing upward bias.
Break below $3321 likely to extend downward momentum shift towards $3310-$3300.
Selling pressure below $3300 may extend decline to $3290-$3286.

Broader outlook: What's going on with Gold?

The recent sell off in Gold from $3439 reached psychological zone $3300 but rebound attempts lack strong conviction and immediate resistance sits at $3339 which bulls need to clear and further reclaim next hurdle at $3350 to establish a decisive rebound that initially targets $3365.

Rejection from resistance zone will eventually resume downward correctional wave retesting $3300 while further break below $3300 will expose $3290-$3286.

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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