SunilKumarDixitSKCharting

SunilKumarDixitSKCharting

Gold has established a valid breakout surpassing previous All Time High of 2144 as the metal advanced further to 2161 riding on the expectations of a rate cut by Fed. As long as 2145 acts as horizontal support, we expect continuation of prevailing bullish momentum reaching 2185-2200 which is likely to attract retail traders for profit booking as short term...

SunilKumarDixitSKCharting

Gold faces strong resistance at $2018-$2022 supply zone and we expect a drop to 38.2% Fibonacci level $1975

SunilKumarDixitSKCharting

Gold seems to be trading with slightly bullish bias following yesterday's rebound from TSE:1969 low and todays trading shows attempt to test TWSE:2006 resistance zone. We take a view that the metal can start decline again from TWSE:2006 supply zone and retest TSE:1969 swing low followed by extra weakness leading to HKEX:1955 Fibonacci zone. On the flip...

SunilKumarDixitSKCharting

As Gold consolidates above $1950 after yesterday's drop to $1944, sustainability above 23.6% Fibonacci Level $1958 will support further ascent to next Fibonacci Levels 38.2% at $1966.60 followed by 50% at $1973.60 and 61.8% % at 1980.60 1 Hour price action shows crisp momentum with 1st Higher Low on current wave at $1949 which should be followed by a Higher High...

SunilKumarDixitSKCharting

Nasdaq is seen descending from 23.6% Fibonacci level 12656 and sustained break below previous Day's low of 12634 will drag Nasdaq down to next leg lower 38.2% Fibonacci Level 12469 Below this next support is 50% Fibonacci Level 12317 The above mentioned Fibonacci Levels relate to retracement measured from 11676 low and 12959 high Note: This projection is purely...

SunilKumarDixitSKCharting

As Gold broke $1962 important 23.6% Fibonacci Level and dropped to $1944 before a sluggish rebound to support turned resistance $1960, traders await reaction to this zone. Though structure becomes weak and momentum turns bearish, any consolidation above $1962 will put Gold back into Bullish path resuming uptrend which has initial challenge at $1968-$1972 followed...

SunilKumarDixitSKCharting

As Gold continues to hold above $1928 horizontal support base, we maintain our outlook for an extended rally towards potential Target $1950 for the day which is very likely to extend further to major Target and Resistance $1962 and $1972 Any correction towards support areas of $1920-$1915-$1911 will be value buying. Note: This projection is based on price action...

SunilKumarDixitSKCharting

As Banks in the US have been sounding alarm bells for liquidity crisis, investors are rushing towards Gold as safe haven. Also signs of imminent recession raise the concerns. We saw a bullish up move in Gold that began from $1885 and jumped to $1938 Any correction towards support areas of $1900 or a tad lower $1890 will be used by buyers for value...

SunilKumarDixitSKCharting

As Dollar Index climbs to 104.46 Gold comes under pressure dropping to $1842 If Gold sustains below $1844-$1842 there is possibility of further decline to $1840-$1835 and even $1828 As Fed Chair J Powell testifies, we may witness increased volatility in Dollar and Gold. If Gold manages to hold above support zone, we may see buyers coming and a rebound may...

SunilKumarDixitSKCharting

Gold has closed the Daily as well as Weekly candle at $1811 which is well below 38.2% Fibonacci level ( $1828 ) of retracement measured from $1616 low and $1860 high We see high possibility of a technical bounce towards broken support turned resistance $1818 followed by retest of $1828 Sellers are likely to prefer selling the resistance areas and it looks easier...

SunilKumarDixitSKCharting

As markets await US CPI data, Gold continues to trade sideways with casual pull back towards $1868 resistance zone which may extend to $1873 As long as resistance zone $1868 and $1873 is not breached, we will maintain our bearish outlook for Gold which targets decline to support levels of $1847 - $1840 and $1830 A sustained break above resistance zone $1868...

SunilKumarDixitSKCharting

As Gold holds temporary gains above $1860 low base formed last week and continues to range within an ascending channel. Dollar weakness helps Gold retest resistance at $1886. Such ascending formations are often seen to work as continuation patterns of prevailing trend which has turned bearish in short term. Going further, there is a possibility of some more...

SunilKumarDixitSKCharting

WTI Crude Oil Futures 🛢️ Despite multiple attempts to make sustainable break above $82.60 WTI settled for the week on a relatively bearish mood at $79.68 Momentum appears trapped within $4 range of $82.60 - $78.60 which needs to break for further direction. Thus far, decisive breakout above $82.60 opens way for next leg higher $83.88 followed by $84.70 which is...

SunilKumarDixitSKCharting

Following seven weeks of relentless selling, Natural Gas has entered extreme oversold conditions on Weekly Charts and either from current lows or a bit lower $2.60 and $2.35, an imminent rebound is very likely to test $3.00 and $3.275 resistance zone. If buying momentum strengthens above initial resistance zone of $3.00 and $3.275 our next upside Target cum...

SunilKumarDixitSKCharting

As Market awaits Core PCE Index numbers which is widely used by Fed as a tool to gauge inflation, Gold consolidates on upper flanks of the minor range of $1932-$1918 Probable Impact of PCE Index Data on Gold: If both MoM and YoY numbers come lower than consensus, Dollar can weaken and Gold can move higher. If both numbers come higher than consensus, Dollar can...

SunilKumarDixitSKCharting

Gold continues with its Bullish momentum which Targets $1962 and $1972 Todays test of $1949 is attracting some retail profit booking as traders are cautious about key economic data outcome. As long as Gold does not break and sustain below $1918, any correction and consolidation towards support areas of $1933-$1928 is very likely to attract buyers in anticipation...

SunilKumarDixitSKCharting

Strong Rally in NASDAQ is approaching caution and Supply zone which may be vulnerable point in the event of any profit booking near highs. We may see a Breakout above descending Trendline which takes the tech index to reach 11960 - 12060 & 12160 amidst extended volatility. As Stochastics on 4 Hour Time Frame is reaching Overbought Zone, We may see prices failing...

SunilKumarDixitSKCharting

As seen on Daily chart, an inverted Head & Shoulder pattern has formed and the cable is moving in perfect tune with the formation. 1.2300-1.2380 being a value accumulation zone. Neckline breach occurs on sustainability above 1.2450 Upside Potential is seen to reach out to following levels: 1.2660 1.2760 1.2970 1.3180 This is a projection based on Fibonacci...