Gold prices traded $1746.00 range at morning US hours.
If Gold holds above $1746.00 level, we will expect some more rise in gold $7-10. but near term R1 $1764.20. and above this level $1788.20(max resistance) and On the other side if prices break below $1701.60(yesterday’s low) range, we will see downtrend below $1692.10(weekly low).
But for trading point of view, according to me, Its best time to make short positions in Gold and Silver at cmp and wait below TGTs for this week.(more than 3% to 5% down in Gold and Silver in next few sessions)
Intraday and weekly strategy for Gold is given below:
Entry point – $1746.00 – $1749.00
And keep R1 $1764.20
And wait S1 $1701.60
And wait S2 $1692.10
And wait S3 $1666.20
Near term range in Gold – below $1700 June contract.