Gold turns bullish on tariff threats as bulls eye $3,408

Renewed Tariff threats and counter retaliations raise global macro economic concerns.
Gold finds buyers on dips around $3340 and rallies back to $3365.
Bulls need to clear through swing high $3375.
Support $3340 must hold as below this zone, decline to extend to $3325-$3315.

Sunil Kumar Dixit SK Charting

The wave structure clearly shows rebound attempts as current bullish momentum supported by price stability above 4 hourly 50 EMA $3335 and recent decline found buyers at $3341 which shaped the recovery to $3365 with London opening.

Immediate resistance is seen located at 61.8%Fibonacci zone $3373 and a break above swing high $3375 will extend bullish advance towards next leg higher $3395 & $3408.

Any rejection from $3375 will resume downward shift to $3350-$3340 below which further decline may retest $3325.

Overall structure looks bullish subject to price stability above $3350-$3341.

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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