Gold at new ATH $2,892: A resistance likely at $2,895 before further upside

Gold records new All Time High at $2,895.
A short term resistance sits at $2,895.
Some retracement to support base likely.

Sunil Kumar Dixit SK Charting

Gold continues to attract safe haven buying as $2850 provided strong upmove triggering sharp rally to $2892, a short distance from immediate resistance $2895 according to fibonacci extension as the metal trades into unchartered territory.

A short term pllback from the mentioned resistance zone can hardly be ruled out and 4 Hourly close below $2880 would be the 1st sign of retracement taking shape.

Immediate support is seen located at $2875-$2870 followed closely by $2865 & $2856.

If sellers intervene breaking $2856-$2850, expect a deeper retracement to $2835-$2830.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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