Gold: April 07 review
After Spain and Italy, now US given reports of slowing number of Covid 19 cases yesterday.
Precious metals like Gold and Silver prices again rocketed today. Overall Gold and US dollar traded opposite effect as a non-yielding curve.
Physical demands continue rises in Gold prices and made a record [email protected] (June 20 contract) range today. Gold and Silver prices rises +10% and +14% respectively in last 7 days as a safe haven demands.
All Asian and European shares traded positive for second straight day on Tuesday, due to decline of number of cases across Europe.
Crude market crashed more than 8% yesterday due to postponed the meeting between Russia and Saudi. and after release news, Crude oil prices traded $27.04 range, up +3.70% today due to Saudi and Russia deal will be very very close.
As a hedge funds like Gold and Silver prices very volatile at this type of global situations and you will see more than 2-3% upside or downside movement for intraday basis.
By 1230 PM IST, Dow 30 futures, June contract traded +270 points, up 0.90%.
Before Europe open, gold futures, July contract traded $1720.50 range, up +1.75% at early European hours.
Everyone is selling either it is Stocks or Oils or precious metals like Gold and Silver. And everyone wants cash in hand at this type of uncertainty and Lock-down situations.
We should expect of profit booking in Gold and Silver and made a down fall in precious metals today in next few hours.
Intraday and STBT strategy for Gold is given below.
Entry point – $1720.50 – $1724.00 range
And keep R1 $1742.20(TODAY’S HIGH)
And wait S1 $1675.50
And wait S2 $1662.00
And wait S3 $1630.00