Gold: April 21 review (Intraday and weekly strategy):
Fundamental review:
A gold price was down in morning Asian sessions after made a weekly high @1718.40 range yesterday.
By 0810 AM BST, Gold Futures, June contract traded $1717.50 range, up 0.39%.
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.
US markets are set to open negative trend today. Dow 30 futures, June contract traded -150 points, down -0.64% at early hours.
Dollar prices given some gains after the massive Crude oil prices tumbled yesterday against the major currencies. US Dollar Index made almost last seven day's high and prices reached $100.358 range, and prices traded $100.273, up +0.21% at morning European sessions.
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.
Before Europe 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 $1670.70 range (Below 15 Days SMA) 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 - $1717.50 - $1721.00 range
And keep R1 $1738.80
And wait S1 $1665.00
And wait S2 $1640.00
And wait S3 $1620.00
Fundamental review:
A gold price was down in morning Asian sessions after made a weekly high @1718.40 range yesterday.
By 0810 AM BST, Gold Futures, June contract traded $1717.50 range, up 0.39%.
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.
US markets are set to open negative trend today. Dow 30 futures, June contract traded -150 points, down -0.64% at early hours.
Dollar prices given some gains after the massive Crude oil prices tumbled yesterday against the major currencies. US Dollar Index made almost last seven day's high and prices reached $100.358 range, and prices traded $100.273, up +0.21% at morning European sessions.
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.
Before Europe 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 $1670.70 range (Below 15 Days SMA) 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 - $1717.50 - $1721.00 range
And keep R1 $1738.80
And wait S1 $1665.00
And wait S2 $1640.00
And wait S3 $1620.00
Note
SEE.........GOLD AND SILVER........MADE A LOW@1682.85 AND 14.930 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?????
Note
Gold and Silver market down more than 4% and 10% today......Check my today's Gold review....Trade closed: target reached
SEE.........GOLD AND SILVER........MADE A LOW@1666.20(ALMOST S1 $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?????
Note
See..…GOLD…..made a low@1666.20 range on tuesday also.....against short@1717.50-1721.00 range on tuesday few hours ago.......and against short@1784.50-1788.00 range on last week......see short call 1st---what next???S1 $1665.00
R1 $1738.80….GOLD......TODAY......
See…SILVER….made a low@14.562 range on tuesday also........against short@15.510-15.560 range on tuesday few hours ago.......and against short@16.250-16.290 range on last week........see all short call 1st----what next???
S1 $14.450
R1 $15.250…..SILVER......TODAY.......
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.