Gold: April 13 review
Gold prices again reached more than 7+ years high today. European markets closed today due to Easter holidays.
Gold is often seen as a haven asset, moving inversely to risky securities like stocks. Analyst always keep an eye and they said efforts by central banks and fiscal policy makers to backstop the global economy as the COVID-19 pandemic takes its toll should also continue to buy the yellow metals like Gold and Silver.
According to my view, traders sell Gold and they are looking to cash out quickly at this type of pandemic situations. If stocks come under fresh selling pressure this week, US Dollar and Gold will trade same line again this week also.
Crude oil price tumble after agreed historic output cuts.
US futures are set to open lower. Dow 30 futures, traded -100 points down at early US hours.
By 0800 AM ET, Gold futures, June contract traded $1747.90 range, -0.15%.
Before US open, expectation of profit booking will come very soon in Gold and Silver this week.
According to my view, Intraday and weekly strategy for Gold is given below.
Entry point – $1747.90 – $1750.00 range
And keep R1 $1764.90
And wait S1 $1712.50
And wait S2 $1695.00
And wait S3 $1676.00