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Gold finds buyers on dips at $3000.
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Local support base formed at $3018-$3012.
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Break above $3030 needed for further advance.
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Next resistance may come at $3038-$3047-$3057.
Tariff concerns and countermeasures adding to uncertainities in global trades and economic impact are triggering demand for Gold which is trading around all time high.
A casual retracement to $3000 attracted buyers fuelling another rally which awaits break above immediate resistance $3030 for next resistance cluster $3038-$3047 followed by $3057.
Local support base has formed at $3018-$3012 which is likely to be revisited in the event of any pullback.
On 1 hour time frame chart, Gold has broken above the descending channel resistance at $3023 and upcoming US session economic data release is likely to cause come volatility in dollar and dollar denominated Gold prices.
Here, it is important to note that break below $3004 will witness extended price drop to $2990 below which next support sits at $2950.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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