Jobless claims and rate cut bets lift sentiments – Gold eyes $2,421-$2,429

Gold steadies above $2400, climbs to $2412.
Market considers high chances of interest rate cut.
Upcoming Initial Jobless Claims awaited.
Middle East geo-political crisis looms.

Sunil Kumar Dixit SK Charting

Gold has found considerable buying support from short-term perspective as market awaits upcoming Initial Jobless Claims and expectations on rate cut are gradually rising which coupled with looming geo-political woes in the middle east keeps fuelling bullish sentiments in Gold which has taken firm stand from $2379 area and reached $2413 after steadiness above $2400.

Next resistance sits at $2421 which if breached, can extend advance to $2429.

Immediate support is seen at $2395 below which decline may push Gold to local demand zone $2385.

Short term trend looks bullish as long as the metal sustains above $2385-$2380 key support zone.

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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