Gold: March 23 review
Gold prices rocketed today after given some relief for Fed today.
Fed said it would increase its assets purchase by any volumes necessary and introduce new lending facilities for business and consumers at this type of uncertainties.
The senate’s 1 trillion plus virus emergency bill passed by democratic opposition. And more than 10k plus people affected in US in last 24 hours for Covid19 virus and which will give emergency situations.
After lockdown situations in major cities of Europe, will give sign of slowdown in Covid 19 new cases.
All profits, washed down by Dow 30 futures, after released some relief for Fed by the markets. Dow 30 futures, June contract traded -720 ranges, down -3.80%
As a hedge funds like Gold and Silver prices very volatile at this type of situations and you will see more than 2-3% upside or downside movement for intraday.
After US open, gold futures, April contract traded $1566.50 range, up +5.57% at early US 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 Lockdown situations.
We will expect of profit booking and made a huge short fall in Gold and Silver this week.
Intraday and STBT strategy for Gold is given below.
Entry point – $1566.50 – $1570.00 range
And keep R1 $1589.90
And wait S1 $1480.50
And wait S2 $1470.00
And wait S3 $1440.00