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Gold: May 18 review (Intraday strategy for Gold)

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COMEX:GCM2020   GOLD FUTURES (JUN 2020)
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Gold: May 18 review (Intraday strategy for Gold )

Fundamental news:

Gold and Silver prices were rose more than 4% and 13% respectively in last five trading sessions.

Gold prices increased more than 1% again today also and made an almost 7.5 years high @1774.95 range at morning Asian hours.

After made a two months low below 105.50 range on last Friday, Gold and Silver ratio continue down and made a low@102.25 range today. When the ratio falls, it means gold has become less costly relative to silver . On the other side, precious industrial metals like Silver , prices rocketed again today also. Silver prices July contract traded $17.700 range, up +3.80% at morning Asian hours.

Top major cities across the world given some relief after the last two months Corona-virus pandemic situations. They will keep some restrictions but opened casually. On this effect, Global economy are slowly to starting come back to life.

US Dollar and Gold prices traded opposite direction at this type of uncertainty situations.

Technical News:

By 0730 AM IST, Gold futures , June contract traded $1774.50 range, up +1.06%.

If Gold holds above $1764.20 level, we will expect some more rise in gold $7-10. but R1 $1788.20(max resistance) and On the other side if prices break below $1736.80(friday's low) range, we will see downtrend below $1692.10(last week low).

Expectation of some profit booking will see in next few hours.

But for trading point of view, according to me, Its best time to make short positions in Gold and Silver at cmp and wait before Europe and US markes open, we will expect more than 2% to 3% down in Gold and Silver in next few hours.

Intraday and next week strategy for Gold is given below:

Entry point - $1774.50 - $1778.00

And keep R1 $1788.80

And wait S1 $1756.80
And wait S2 $1736.80
And wait S3 $1692.10

Near term range(weekly TGT ) in Gold - below $1700 June contract.
Comment: -2% in Gold and -4% in Silver down today before US open.

See..…GOLD…..made a low@1741.85 range again today also.....against short@1774.50-778.00 range again today also on few hours ago......see today's short call 1st---what next???

S1 $1725.00
R1 $1778.00….GOLD.....

See…SILVER….made a low@17.152 range again today also.......against short@17.920-17.970 range again today also on few hours ago.......see today's short call 1st----what next???

S1 $17.000
R1 $18.000…..SILVER......

Comments

S1 and S2 hitted again today in Gold and Silver---see call

-2.5% in Gold and -4% in Silver down today before US open.

See..…GOLD…..made a low@1734.45 range again today also.....against short@1774.50-1778.00 range again today also on few hours ago......see today's short call 1st---what next???

S1 $1700.00
R1 $1778.00….GOLD.....

See…SILVER….made a low@17.152 range again today also.......against short@17.920-17.970 range again today also on few hours ago.......see today's short call 1st----what next???

S1 $17.000
R1 $18.000…..SILVER......
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