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GOLD: MAY 08 REVIEW (INTRADAY STRATEGY FOR GOLD)

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COMEX:GCM2020   GOLD FUTURES (JUN 2020)
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Gold: May 08 review

Fundamental Review:

Traders continue keep an eye for today's US jobs reports which will be released later in the day. As per jobless claims data that we have seen in recent weeks that help and support for the US Dollar .

Gold and US Dollar traded inversely effect at this type of situations.

Gold prices increased more than 3.5% in this month after made a low@1676.00 range on last week.

Expectations of profit booking and today's positive news for US jobs reports will give support for the Dollar.

In the morning European hours, Gold futures , June contract were traded $1735.00 range up +0.62%.

On the other side, US Dollar Index , June contract traded $99.770 range, down -0.14% against the basket of major currencies.

Technical Review:

Gold prices traded $1735.00 range at morning hours.

If Gold holds above $1737.00(Last Thursday's high) level, we will expect some more rise till $1745.80(Last week high), while on the opposite direction if prices break below $1721.00(5 days SMA ) range, we will see downtrend $1683.90(yesterday's low). But for trading point of view book some profit @1700.00 range (-2% from the current Gold price) and major support level is $1666.20(21st April low). If break this level, Gold will touch $1620.00 range (50% Fibonacci).

Intraday strategy for Gold is given below:

Entry point - $1732.50 - $1735.00

And keep R1 $1745.80

And wait S1 $1700.00

And wait S2 $1683.90

And wait S3 $1666.20
Comment: See..…GOLD…..made a low@1711.90 range again today also.....against short@1732.50-1735.00 range again today also on few hours ago......see today's short call 1st---what next???

S1 $1700.00
R1 $1745.80….GOLD......TODAY.....

See…SILVER….made a low@15.557 range again today also.......against short@15.880-15.950 range again today also on few hours ago......see today's short call 1st----what next???

S1 $15.100
R1 $16.190…..SILVER......
Trade closed: target reached: TGT1($1500.00) HITTED IN GOLD TODAY----SEE FRIDAY'S SHORT CALL....

See..…GOLD…..made a low@1595.35 range again today also.....against short@1732.50-1735.00 range again friday also on few hours ago......see friday's short call 1st---what next???

S1 $1685.00
R1 $1725.00….GOLD......TODAY.......

Comments

See..…GOLD…..made a low@1692.70 range again today also.....against short@1711.50-1714.00 range again today also on few hours ago......and against short@1732.50-1735.00 range on friday.......see today's/friday's short call 1st---what next???

S1 $1683.90
R1 $1714.00….GOLD.....

See…SILVER….made a low@15.592 range again today also.......against short@15.810-15.840 range again today also on few hours ago......and against short@15.880-15.930 range on friday.......see today's/friday's short call 1st----what next???

S1 $15.350
R1 $15.930…..SILVER......
Reply
TGT1 ALMOST HITTED IN GOLD----SEE FRIDAY'S SHORT CALL....

See..…GOLD…..made a low@1703.60 range again friday also.....against short@1732.50-1735.00 range again friday also on few hours ago......see friday's short call 1st---what next???

S1 $1683.90
R1 $1735.45….GOLD......

See…SILVER….made a low@15.560 range again friday also.......against short@15.880-15.930 range again friday also on few hours ago......see friday's short call 1st----what next???

S1 $15.100
R1 $16.190…..SILVER......
Reply
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