Gold: April 06 review
Gold prices up trend today at early US hours.
All Asian stocks traded flat to positive today. And major European index opened +3 to +4% range today due to some sign of slowdown in corona virus related deaths in this region. It will give some expectation of hope for economies.
Investors always keep on eye that deaths toll slow in Italy and France should give some positive reliefs.
Saudi and Russia postponed their meeting, from Monday to Thursday, given negative sign for Crude oils.
The number of Corona-virus cases again jumped in China from last Sunday on wards again given lock down situations across China and Asia also.
Globally Top 100 major cities should follow lock down situations at this type of Covid19 cases.
This type of Global economy damages across the world have pushed investors into the best buying to precious metals like Gold and Silver and Government bonds where yields are at or near all-time lows.
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 basis.
By 1011AM ET, Dow 30 futures, June contract traded +1050 points, up +4.95%.
After US open, gold futures, July contract traded $1695.50 range, up +2.96% 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 Lock-down situations.
We will expect of profit booking and made a huge short fall in Gold and Silver this week/next two or three sessions.
Intraday and STBT and weekly strategy for Gold is given below.
Entry point – $1695.50 – $1698.00 range
And keep R1 $1714.90
And wait S1 $1630.50
And wait S2 $1624.00
And wait S3 $1610.00