Tariff fears keep Gold bullish – Break above $3,030 to clear he way to $3,060

Gold finds buyers on dips at $3000.
Local support base formed at $3018-$3012.
Break above $3030 needed for further advance.
Next resistance may come at $3038-$3047-$3057.

Sunil Kumar Dixit SK Charting

Tariff concerns and countermeasures adding to uncertainities in global trades and economic impact are triggering demand for Gold which is trading around all time high.

A casual retracement to $3000 attracted buyers fuelling another rally which awaits break above immediate resistance $3030 for next resistance cluster $3038-$3047 followed by $3057.

Local support base has formed at $3018-$3012 which is likely to be revisited in the event of any pullback.

On 1 hour time frame chart, Gold has broken above the descending channel resistance at $3023 and upcoming US session economic data release is likely to cause come volatility in dollar and dollar denominated Gold prices.

Here, it is important to note that break below $3004 will witness extended price drop to $2990 below which next support sits at $2950.

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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