GOLD: APRIL 16 REVIEW. SAFE-HAVEN CURRENCIES VS YELLOW METALS
As a safe haven currencies like USDJPY and USDCHF prices rose for last two sessions. And on the side precious metals like Gold and Silver prices tumbled due to negative economic data, Global world market indices crashed and weak Crude oil prices.
Oil prices has erased around two thirds of its value in this year due to outbreak of its demands and made 18 years low and prices traded below $20.00. Global demand will drop by more than 9 million barrels a day in 2020.
Dow 30 futures traded down more than 2.5% in last two sessions, and prices traded +200 points, 0.89% up at morning European hours.
US retail sales data for March dropped a record 8.7% yesterday caused by the novel corona-virus outbreak. Consumer spending accounts for more than two-thirds of U.S. economic activity.
The death toll due to corona-virus from the United States approached around 31000 as on Wednesday. Traders will continue eye for today's initial jobless claims data which is released later in the day.
The US Dollar Index traded positive today and traded $99.845 range up +0.36% against a basket of other currencies.
According to my point of view, at this pandemic situation, anytime there is a need to get cash and liquidity on hand, Gold prices is going to be down trend. Prices of Gold and Silver rose more than 13% and 16% respectively in this month.
By 0704 AM GMT, Gold futures, June contract traded $1757.50 range, up +0.96%.
After Europe open, Expectation of major profit booking in precious metals like Gold and Silver today on wards.
For my point of view, overall weekly trend remains negative for Gold. The next area for attention is below $1731.60 range (yesterday's low) and keeps down trend till $1665.00. And on the upside, I am looking at $1810+ range, if gold prices breakout $1788.80(seven+ years high) but for trading point of view short precious metals at every high level. And you will see more than 5-7% down trend in this week.
Intraday and weekly strategy for Gold is given below.
Entry point - $1757.50 - $1760.00 range
And keep R1 $1788.80
And wait S1 $1705.00
And wait S2 $1690.00
And wait S3 $1665.00
As a safe haven currencies like USDJPY and USDCHF prices rose for last two sessions. And on the side precious metals like Gold and Silver prices tumbled due to negative economic data, Global world market indices crashed and weak Crude oil prices.
Oil prices has erased around two thirds of its value in this year due to outbreak of its demands and made 18 years low and prices traded below $20.00. Global demand will drop by more than 9 million barrels a day in 2020.
Dow 30 futures traded down more than 2.5% in last two sessions, and prices traded +200 points, 0.89% up at morning European hours.
US retail sales data for March dropped a record 8.7% yesterday caused by the novel corona-virus outbreak. Consumer spending accounts for more than two-thirds of U.S. economic activity.
The death toll due to corona-virus from the United States approached around 31000 as on Wednesday. Traders will continue eye for today's initial jobless claims data which is released later in the day.
The US Dollar Index traded positive today and traded $99.845 range up +0.36% against a basket of other currencies.
According to my point of view, at this pandemic situation, anytime there is a need to get cash and liquidity on hand, Gold prices is going to be down trend. Prices of Gold and Silver rose more than 13% and 16% respectively in this month.
By 0704 AM GMT, Gold futures, June contract traded $1757.50 range, up +0.96%.
After Europe open, Expectation of major profit booking in precious metals like Gold and Silver today on wards.
For my point of view, overall weekly trend remains negative for Gold. The next area for attention is below $1731.60 range (yesterday's low) and keeps down trend till $1665.00. And on the upside, I am looking at $1810+ range, if gold prices breakout $1788.80(seven+ years high) but for trading point of view short precious metals at every high level. And you will see more than 5-7% down trend in this week.
Intraday and weekly strategy for Gold is given below.
Entry point - $1757.50 - $1760.00 range
And keep R1 $1788.80
And wait S1 $1705.00
And wait S2 $1690.00
And wait S3 $1665.00
Trade closed manually
See…GOLD….made a low@1722.60 range again today also…..against short@1760-1767.50 range again today also on few hours ago--see today's sell call 1st—what next???S1 $1665.00
R1 $1767.00….GOLD....THIS WEEK......
See…SILVER….made a low@15.443 range again today also......against short@15.880-15.910 range again today also on few hours ago---see today's sell call 1st—what next???
S1 $15.150
R1 $15.910…..SILVER.....THIS WEEK......
Trade closed: target reached
See…GOLD….made a low@1703.40 range again today also…..against short@1760-1767.50 range yesterday on few hours ago--see thursday's sell call 1st—what next???S1 $1665.00
R1 $1767.00….GOLD....TODAY......
See…SILVER….made a low@15.297 range again today also......against short@15.880-15.910 range yesterday on few hours ago---see thursday's sell call 1st—what next???
S1 $15.150
R1 $15.910…..SILVER.....TODAY......
Trade closed: target reached
See..…GOLD…..made a low@1691.50 range on friday.....against short@1721.20-1725.00 range on friday.......and against short@1760.00-1767.00 range on thursday.......and against short@1784.80-1788.00 range on tuesday.......see all short call 1st---what next???S1 $1665.00
R1 $1725.00….GOLD......NEXT WEEK.....
See…SILVER….made a low@15.197 range on friday........against short@15.620-15.650 range on friday.......and against short@15.850-15.890 range on thursday........and against short@16.250-16.290 range on tuesday........see all short call 1st----what next???
S1 $14.900
R1 $15.797…..SILVER......NEXT WEEK......
Trade closed: target reached
ALL TGT HITTED-----SEE.........GOLD AND SILVER........MADE A LOW@1666.20(ALMOST S3 $1665.00 RANGE) AND 14.562 RANGE TODAY.......AGAINST SELL@1717.50-1721.00 RANGE AND @15.510-15.560 RANGE TODAY ON FEW MINUTES AGO......SEE TODAY'S........GOLD AND SILVER.......SHORT CALL 1ST......WHAT NEXT?????
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.