Gold bulls eyeing further advance towards $2,555
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Gold bulls eyeing further advance towards $2555.
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Geo political concerns and Powell's rate cut clues fuel the rally.
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Any small dips are attracting fresh buying.
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Traders remain cautious on heights.
As J Powell gave precise signals of upcoming rate cut in September, markets soared and so did Gold. Additional triggers came from Middle East geo-political woes that provide constant rally in Gold prices which refuse to budge below $2500 and today's rally leans on $2527, waiting to break above $2532 to advance towards next resistance $2543 followed by $2555
Immediate support is seen located at $2510 below which next demand zone sits at $2500
If this support band is breached, expect a retracement beginning from $2495-$2490 initially.
Given the looming geo-political crisis in the Middle East, any dips may be an attraction for speculative buyers who remain optimist of continued bullish rally in near future.
On the other hand, the metal has some possibility of correctional decline from $2555 areas which may accelerate if $2500-$2490 support band is breached.
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