Gold: April 21 review (Intraday and weekly strategy):
Fundamental review:
Gold futures, June contract traded $1707.50 range, down 0.25% at early US hours after released US home sales data. And Gold prices was made a low @1666.20 range today.
Gold and silver prices were down more than 3% and 6% respectively in few hours ago but all profits washed out due to this types of corona-virus pandemic situations.
The sharp down trend in Crude Oil again today also, and prices had traded negative today due to oversupply in sport markets as well as futures and Crude Oil WTI May contracts.
Crude Oil price action was very scary and its prices plummeted to a negative -$37 a barrel, May contract on Monday. Due to Corona-virus lock down situation, hundreds of millions of barrels of Crude Oil have storage across the Globe in last two months. Hence two thirds of demands wiped out of Crude Oil.
WHO warned that any lifting of lock downs to contain the spread of the novel corona-virus must be gradual, and if restrictions were to be relaxed too soon, there would be a resurgence of infections.
Due to Covid-19 pandemic situations, US markets open sharply lower to continuous second straight day. By 1030 AM ET, Dow 30 futures, June contract traded -445 points, down -1.90%.
US Dollar and Crude prices traded inversely effect at this time. and Dollar prices given positive impact after tumbled crude prices yesterday.
US Dollar Index made two week high at $100.632 range today. and prices was traded $100.398, up +0.33% at morning US hours.
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.
After US open, Expectation of major profit booking in precious metals like Gold and Silver today on wards.
From my point of view, overall intraday and weekly trend remains negative for Hedge funds like for Gold and Silver.
Technical review:
The next area for attention is below $1666.20 range (today's low) and keeps down trend till $1620.00(around 50% of Fibonacci level). And on the upside, I am looking at $1738.80(last Friday's High), but for trading point of view short Gold prices at every high level. And you will see more than 4-6% down trend in this week.
Intraday and weekly strategy for Gold is given below.
Entry point - $1707.50 - $1710.00 range
And keep R1 $1738.80
And wait S1 $1665.00
And wait S2 $1640.00
And wait S3 $1620.00Gold: Weekly Fibonacci review
Fundamental review:
Gold futures, June contract traded $1707.50 range, down 0.25% at early US hours after released US home sales data. And Gold prices was made a low @1666.20 range today.
Gold and silver prices were down more than 3% and 6% respectively in few hours ago but all profits washed out due to this types of corona-virus pandemic situations.
The sharp down trend in Crude Oil again today also, and prices had traded negative today due to oversupply in sport markets as well as futures and Crude Oil WTI May contracts.
Crude Oil price action was very scary and its prices plummeted to a negative -$37 a barrel, May contract on Monday. Due to Corona-virus lock down situation, hundreds of millions of barrels of Crude Oil have storage across the Globe in last two months. Hence two thirds of demands wiped out of Crude Oil.
WHO warned that any lifting of lock downs to contain the spread of the novel corona-virus must be gradual, and if restrictions were to be relaxed too soon, there would be a resurgence of infections.
Due to Covid-19 pandemic situations, US markets open sharply lower to continuous second straight day. By 1030 AM ET, Dow 30 futures, June contract traded -445 points, down -1.90%.
US Dollar and Crude prices traded inversely effect at this time. and Dollar prices given positive impact after tumbled crude prices yesterday.
US Dollar Index made two week high at $100.632 range today. and prices was traded $100.398, up +0.33% at morning US hours.
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.
After US open, Expectation of major profit booking in precious metals like Gold and Silver today on wards.
From my point of view, overall intraday and weekly trend remains negative for Hedge funds like for Gold and Silver.
Technical review:
The next area for attention is below $1666.20 range (today's low) and keeps down trend till $1620.00(around 50% of Fibonacci level). And on the upside, I am looking at $1738.80(last Friday's High), but for trading point of view short Gold prices at every high level. And you will see more than 4-6% down trend in this week.
Intraday and weekly strategy for Gold is given below.
Entry point - $1707.50 - $1710.00 range
And keep R1 $1738.80
And wait S1 $1665.00
And wait S2 $1640.00
And wait S3 $1620.00Gold: Weekly Fibonacci review
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.
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.