Gold: April 09 review
Gold prices traded again $1736.50 range at early US hours. Price jump more than 3% after released US unemployment claims benefits which was be released by labor department today. and Fed also share details of their plan which will be given benefits for local governments and small businesses across the US.
More than 6.61 million American filed initial claims for jobless benefits last week, fresh evidence of the dramatic decline in the economy caused by the Covid-19 pandemic.
To cut oil demands at this type of economic condition, World’s major Oil exporters OPEC+ members will video conference meeting at afternoon US hours.
By 1000 AM ET, Dow 30 futures traded +555 points or +2.27%.
U.K. government said it will increase its direct borrowing from the Bank of England, allowing it to raise money without overloading the bond market.
After released this news, Gold futures, June contract traded $1722.00 range, up +2.14% at early US hours.
On the other side, pound rose against both the Euro and Dollar.
US Dollar Index was traded flat to negative -0.50% at $99.670.
Gold prices continue rise today in Asian and European sessions, but after US open we will expect profit booking in precious metals like Gold and Silver.
Market closed tomorrow for Good Friday holidays.
According to my view, Intraday and next week strategy for Gold is given below.
Entry point – $1736.50 – $1740.00 range
And keep R1 $1756.90
And wait S1 $1676.00
And wait S2 $1662.50
And wait S3 $1654.00……..TGT in next week……..