Will Gold breakout and reach $2557-$2580 ?
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
Note: These are my observations based on price behaviour. What do you think? Do let me know in comments.
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
Note: These are my observations based on price behaviour. What do you think? Do let me know in comments.
Note
Gold faced strong rejection from day high $2526 and secondary top $2524 triggering sharp decline reaching $2496
Next support comes at $2488
Rebound is likely to retest $2508-$2512 where once again sellers may resurface for resuming the sell off towards $2475-$2445
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