SunilKumarDixitSKCharting

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...

SunilKumarDixitSKCharting

The strong rebound from 11268 (38.2% Fibonacci level of retracement from 12229 high to 10674 low) gained affirmation 11452 (50% Fibonacci level) gave green signal and the tech index advanced towards the next leg higher 11635 reaching out to 11615 Going forward, reaction to 11635 resistance should be closely monitored as some pull back towards 11550 and, if some...

SunilKumarDixitSKCharting

WTI Crude Oil Futures 🛢️Weekly Review It's been a long time since WTI has been reeling under 100 Day SMA and now a short term Fibonacci retracement of $93.74 high of Nov 2022 to $70.10 low of Dec 2022 shows stabilization above 38.2% level at $79.14 and also horizontal resistance zone of 81.50 which is close to 50% Fibonacci level at $81.93 A decisive acceptance...

SunilKumarDixitSKCharting

Gold's closing above $1896 for the 2nd consecutive week indicates continuation of Bullish Trend. For Monday opening, Gold needs to hold above $1920 support which will help it to continue with its upside momentum reaching $1935 again above which $1943 sits as next Resistance cum Target. Weakness below $1920 may be seen as willingness to decline to $1912 which is...

SunilKumarDixitSKCharting

Fibonacci Extension measured from $4.75 low to $7.60 high shows that $2.989 level coincides with 1.618% extension and on this basis we think that the current bearish drop can pause at $2.989 and start a short term rebound towards resistance zone of $4.75 The rebound rally will have several twists and turns en route to $4.75 destination. However, this is our...

SunilKumarDixitSKCharting

Strong Momentum driven rally took Gold above $1920 and Tested $1937 While uptrend continues to dominate price action, any pullback towards support areas of $1923 and $1915 will be used by Buyers to add value long positions for reaching next leg higher $1943 and extended Target $1956 Strategy: Buy Between $1923-$1918 SL $1900 Take Profit ...

SunilKumarDixitSKCharting

EUR/USD Pair is seen Trading sideways with a Bullish Bias. Buying around Support looks good for next Leg Higher seen at 1.0920 Strategy: Buy Between 1.0788-1.0818 SL 1.0748 Take Profit 1.0920

SunilKumarDixitSKCharting

Gold Keeps Fluctuating Between $1896-$1902 Support and $1928-$1925 as Markets Await Triggers. Initial Jobless Claims can Break the Range and Lead to Further Targets. Buying From Support Range $1902-$1896 for Upside Targets $1916-$1922-$1928-$1932 may be a Good Strategy. If Gold Finds Enough Buyers, Current Momentum can Take Gold to Next Leg Higher $1943 &...

SunilKumarDixitSKCharting

Gold broke through recent $1881 high and reaches $1886. A calm market witnesses range bound price action ahead of crucial economic data which is supposed to bring decisive trigger for next move. As long as $1878 is not violated, Gold is all set to break above recent narrow price range and test $1896 followed by $1900-$1906 Sustained break below $1880-$1878 can...

SunilKumarDixitSKCharting

Sustained Break Above 11070 takes Nasdaq higher towards 11268 and 11452 Failure to clear above 11268 and Sustained Break Below 11180 pushes prices down to 11070 and 11000 below which decline can extend to 10900 and 10800