Going further into the week ahead, gas futures could approach the major support zone of $2.01 per mmBtu, said Dixit of SKCharting.
“But consolidation against the current decline and momentum accumulation from support areas can resume the advance towards the recent high of $2.68, and extend the upward move towards $2.98 and $3.25,” added Dixit.
While the provisional debt ceiling agreement announced by Biden could weigh on gold, the yellow metal might survive a larger selloff if the spot price sustains above the 50% Fibonacci level of $1,942 an ounce,
“We expect a rebound towards the horizontal resistance zone of $1,975, which if cleared, can extend the recovery towards $2,015.”
On the flip side, a sustained break below $1,942 followed by weakness beneath $1,936 will attract sellers, pushing the spot price down towards the 61.8% Fibonacci level of $1,910,
Notwithstanding the outcome of the debt ceiling agreement deal between the White House and congressional Republicans, last week’s action in WTI indicates a pause in bullish momentum before the U.S. crude benchmark can charge higher, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.
“WTI should reach the weekly Middle Bollinger Band of $75.90 if it recaptures the momentum it left off earlier this week,” Dixit said. “Momentum accumulation from support areas is very likely to resume the uptrend, targeting a retest of $73.80 and a swing higher to $74.70, followed by $75.90.”
For any reason, if oil turns lower, expect a move back towards $70 support, with a view of testing $68, Dixit added.
Gold low 72234 down fall 516 point down intra days book मेरी हिम्मत को परखने की कोशिश मत करना मैं पहले भी कहीं हवाओं का रुख मोड़ चुका हूं
