Gold: May 28 review
Gold market was crashed more than $50 or -3.5% down and made a $1684.20 range yesterday before US open.
All profits washed out in Gold and Silver after yesterday’s secretary of state Mike Pompeo’s comments regarding HongKong political uncertainty.
Tensions between world’s two largest economy US and China, have been continued.
By 1630 IST, Gold futures June contract traded $1725.50 range, up +0.85%.
All Asian, European and Dow 30 futures, traded positive today.
Expectations of profit booking in hedge funds like Gold and Silver will come very soon.
On the other side US Dollar and Gold prices traded opposite directions at this type of situations.
According to point of view, Gold prices traded $1725.50 range. above this level you will see $4-6 up trend and near term R1 $1742.00(Last Friday’s high) but for long term major resistance level same as all time high $1788.80.
On the opposite directions, For intraday point of view, near term S1 $1505.00(today’s low) and if break this level, you will see $1684.20(two week low). and Gold prices break this level in this week, will see more than 2-3% sharp falls.
For Intraday and STBT strategy for Gold is given below:
Entry Level – $1725.50 – $1728.50 range
And keep R1 $1742.00
And wait S1 $1705.00
And wait S2 $1700.00
And wait S3 $1684.20.
Weekly review: down trend in Gold.