SunilKumarDixitSKCharting

SunilKumarDixitSKCharting

Gold Needs to Break Out of the minor Range $1802-$1815 in order to make next move. Sustained move Below $1802 will increase chances of further drop to $1796 - $1784 which is acceleration point for extended downside towards $1773 Consolidation above $1802 may help Gold retest $1815 and if Gold finds strong buyers above this level, up move can extend to $1824 and $1833

SunilKumarDixitSKCharting

Yesterday's uptrend gained strength from weakened Dollar amidst holiday season thin trading volumes in absence of institutional players. Buoyant Gold climbed all the way to $1833 only to give up most of the gains closing the day at $1812 which some $22 below the Day high. As explained in last report, expected profit booking from resistance zone pushed Gold all the...

SunilKumarDixitSKCharting

Current Stability Above $1800 indicates potential for continuation of uptrend for Resistance Zones of $1812-$1815 If Gold finds enough Buying momentum above this zone, Gold Bulls may attempt for next Resistance zone of $1822-$1824 On the flip side, Resistance from above mentioned levels will indicate weakness resulting in a drop to $1800 below which prices may...

SunilKumarDixitSKCharting

As yesterdays drop to $1784 was a chance for some retail buying in the wake of thin volume, Gold got some support with Day closing above $1792 As long as Gold sustains above $1792, some recovery towards psychological $1800 handle is likely above which up move can extend to supply zone of $1805 followed by $1812 Weakness below $1792 will indicate entry of sellers...

SunilKumarDixitSKCharting

As yesterday's rally paused at $1821 and halted before recent $1824 high, some retail profit booking may cause momentum distribution and prices may correct to support levels at $1812-$1805-$1798 Falling Chanel formation may result in Bullish Flag Breakout if Gold finds enough buyers from Support zone. Resumption of uptrend may begin by retesting yesterday's $1821...

SunilKumarDixitSKCharting

As long as Gold sustains above $1792-$1796 support zone, continuation of uptrend aims to test $1810-$1813 If retail profit booking draws sellers, prices can come down to $1800-$1796 and even $1792 Alternatively, consolidation above $1800 can help Gold resume upside momentum for next leg higher $1824

SunilKumarDixitSKCharting

As long as Gold sustains above 1788, chances of upside movement towards 1800 remain valid. If Gold finds enough buying momentum supported by 1788, Gold consolidation above 1800 psychological 1800 handle can extend gains to 1810 Further strong acceptance above 1800-1810 zone can boost Gold to retest swing high of previous week at 1824 If current bullish rebound of...

SunilKumarDixitSKCharting

Sustained move above 1786-1788 is required for upmove towards 1795 which is a Turning point for further gains to 1804-1810 If Gold finds enough buyers above 1810, expect a retest of 1824 On the other hand, rejection from 1786-1788 or failure to clear 1795 will result in correction to support of 1774 and extend drop to 1765 and 1745

SunilKumarDixitSKCharting

High Probability Gold Trading Set Up Following yesterday's $1824 high and $1810 close, a pull back and consolidation towards $1800 - $1795 is very likely. Since the short term trend is bullish, Buyers are likely to accumulate long positions at the test of support zone. It is a high probability that the Gold rally may resume to retest recent high of $1824 and...

SunilKumarDixitSKCharting Updated 

With drop to 1745 Gold has completed 50% Fibonacci Retracement of up wave from 1681 Low to 1808 high. Daily Chart shows a straight fall for five days while Stochastics approach oversold Territory calling for a rebound towards broken support turned resistance areas of 1777 and 1783 Our view is that Gold is like to drop to 61.8% Fibonacci level at 1730 and start a...

SunilKumarDixitSKCharting

Gold has shown resolve to close the week above 1880. Moving Averages indicate preparedness to scale up further taking out 1900-1927. Dollar recovery may cause some selling in Gold to 1870. Sustained move below 1870 may push the metal to 1850-1860 and extend to 1820. Longs suggested between 1875-1865 for Targets 1895-1910-1927 with SL Daily close below 1850

SunilKumarDixitSKCharting

After making high of 1702 Gold upside has been invalidated strongly and turned bearish with full force. Left Shoulder is formed. Head is formed. Next up move should be limited to right shoulder zone and if neckline is breached, we should witness a further downside correction towards Target 1 & 2