Is Gold headed for $3,030?
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Gold builds support base at $2,890.
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Bulls eyeing break above $2,930 and retest of $2956.
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Inverted Head & Shoulder formation targets extension to $3,030.
As trade ttariff war keeps global concerns high, markets remain on toes looking for clues amidst growing uncertainities for the fall out.
Additionally traders are waiting for upcoming monthly jobs report to monitor potential behaviour of the greenback as also bond yields.
Gold has shown emerging demand on dips around $2895-$2890 as bulls remain optimistic of break above immediate resistance $2930 which can be seen as neckline of potentially bullish Head & Shoulder formation on the chart.
Break above this overhead resistance $2930 is essential which will increase the chances of retesting all time high $2956 above which next resistance is seen positioned at ascending trendline $2978 followed by next challenge $2988
The next bullish extension comes measured at $3030
It is important to note that any sustained break below $2890 will alter the immediate uptrend exposing lower coordinates of $2877-$2817
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.
