SunilKumarDixitSKCharting

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