Gold: January 07 review
Gold prices traded near six years high again today also as traders await Iran’s next move.
Gold prices neared $1600 an ounce after a U.S. drone strike killed General Qassem Soleimani. And made a high @1588.13 range yesterday, the highest level since 2013.
All Asian and European stocks jumped today as a yesterday’s profit booking.
Dow opens slightly lower, but we should expect tech giant support profit booking today. Dow 30 futures, March contract traded -55 point, down -0.19% at morning US sessions.
US Dollar Index futures, March contract traded $96.740 range and made a last 7 days [email protected] today against all major currencies.
US Dollar Index and Gold prices traded inversely effect at that time of global crisis and geopolitical tensions.
Palladium prices reached a record high $2042.91 range today and it rose more than 50% last year as the best performing commodities on 2019 year.
Traders will also keep on focus for Friday’s US job’s data and next movement for Fed monetary policy decision.
On US-China trade war, both countries will expected to sign phase 1 trade deal as on 15th Jan, 2020. And we should also keep an eye for phase 2 trade deal.
By 10.25 AM ET, Gold futures, February contract traded $1572.95 range, up +0.24%.
Expectation of profit booking in precious metals today.
Intraday and weekly strategy for Gold is given below.
Entry point – $1572.95- $1575.00 range
And keep R1 $1585.50
And wait S1 $1558.00
And wait S2 $1554.50
And wait S3 $1549.00