Will Gold breakout above $2,532 barrier or drop to $2,500? PCE Price Index holds the key

Gold trades near record high.
Traders await PCE Price Index data for further clues.
Breakout above $2532 may extend rally towards $2557
Support aligned with $2516-$2511-$2506-$2501
Break below $2500 will be critical.

Sunil Kumar Dixit SK Charting

Gold continues to probe overhead resistance near all time high $2532 as traders lean on the edge between $2527-$2529.

Every dip is being used as consolidation and accumulation rather than distribution and the decline is quickly being followed up with a rebound that knocks at the door of record high waiting to breakout.

The set of factors that drive safe-haven demand for the yellow metal, continue to dig heels in favour of constant bullish stability.

Geo-political tensions on Middle East as also on Russia-Ukraine front continue to make new headlines every next one or two days.

Upcoming rate cut has been sounded by the Fed chief which keeps the bullish case strong.

If Gold declines, $2516-$2511-$2506-$2501 support levels will be area of interest for bulls to add long positions again.

A strong trigger could cause a quick break above the swing high $2532, prompting a spiking rally to next resistance $2543-$2557.

Major overhead resistance may be considered as $2582-$2588 before any exhaustion in momentum is signalled.

On the other hand, failure to clear through multiple attempts will indicate rejection from $2529-$2532 which will resume decline that goes smooth with $2516-$2511-$2506-$2501.

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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