Gold sits close to record $3,150: Will bulls defend $3,100?
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Gold attempts at $3100 base and Bulls defend the critical zone.
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Reciprocal Tariff by Trump raise concerns, keep safe haven demand intact.
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Immediate support sits at $3120, next support $3110.
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Bulls need to reclaim resistance $3134-$3144 to advance further beyond $3157
As global markets witness increased concerns over Trump likelihood to announce reciprocal tariff, safe haven demand for Gold keeps prices near record high and at the same time retail traders remain overtly cautious near record high as profit booking is pushing the metal prices to near the psychological zone $3100 though value buyers keep coming and Gold resumes rise to $3135, at striking distance from record $3150
Markets await upcoming ADP nonfarm employment change for clues on dollar and Gold metrics.
So far, 1 hour time frame shows prices moving sideways in a triangle formation.
Immediate support sits at $3120 which carries the current stability while next support is seen positioned at $3110 which attracts buyers on dips towards $3100
If bulls fail to defend $3110 and $3100, sell off is likely to extend deeper towards $3090 followed by $3080-$3070
On the higher side, immediate resistance is actice at $3134 which buuls need to clear for next resistance $3144
If Gold finds enough buying momentum above $3144, the metal is headed for a retest of record $3157 and a tad higher.
Note: Gold on monthly time frame shows overbought conditions indicated by RSI valued at whopping 83 which urges caution on heights. Any news of Trump going soft on Tariff and signs of truce in Ukraine/Gaza will substantially dampen safe haven demand for Gold, crashing Gold prices to $2950 straight.
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.
