Gold:April 22 review.
What next after Crude Oil???----Gold Vs US Dollar
Gold prices is the hedge against the economic crisis. In this Corona virus pandemic situations, precious metals like Gold and Silver prices increased after made a yesterday's low $1666.20 range.
On the other side, Crude Oil prices slumped and hit 1990s low yesterday. as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the corona-virus outbreak.
After crashed Crude Oil, US Dollar prices shines in last two sessions and made two week high $100.630 range yesterday. US Dollar index currently traded $100.170, down -0.10%.
US Dollar and Gold prices are traded opposite directions. If this happened, Gold prices will be see more pressure in near future.
Dow 30 futures, June contract traded +195 points, +0.89% at morning European hours.
By 0934 AM GMT, Gold futures, June contract traded $1727.50 range, up +2.44%.
Before the opening of US market, we are expecting some profit booking in Hedge funds like Gold and Silver.
Technical review:
The next area for attention is below $1666.20 range (yesterday'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 - $1727.50 - $1730.00 range
And keep R1 $1738.80
And wait S1 $1695.00
And wait S2 $1680.00
And wait S3 $1665.00
What next after Crude Oil???----Gold Vs US Dollar
Gold prices is the hedge against the economic crisis. In this Corona virus pandemic situations, precious metals like Gold and Silver prices increased after made a yesterday's low $1666.20 range.
On the other side, Crude Oil prices slumped and hit 1990s low yesterday. as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the corona-virus outbreak.
After crashed Crude Oil, US Dollar prices shines in last two sessions and made two week high $100.630 range yesterday. US Dollar index currently traded $100.170, down -0.10%.
US Dollar and Gold prices are traded opposite directions. If this happened, Gold prices will be see more pressure in near future.
Dow 30 futures, June contract traded +195 points, +0.89% at morning European hours.
By 0934 AM GMT, Gold futures, June contract traded $1727.50 range, up +2.44%.
Before the opening of US market, we are expecting some profit booking in Hedge funds like Gold and Silver.
Technical review:
The next area for attention is below $1666.20 range (yesterday'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 - $1727.50 - $1730.00 range
And keep R1 $1738.80
And wait S1 $1695.00
And wait S2 $1680.00
And wait S3 $1665.00
Trade closed: stop reached
R1 $1738.80 trigrred.Happy trading!!!
wait fresh calls.
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.