Gold: May 15 review (Next week strategy)

Gold: May 15 review

Fundamental news:

Gold prices increased more than 1% today and made a three week high @1759.50 range at afternoon US hours.

On the other side, precious industrial metals like Silver , prices rocketed today. And Gold and Silver prices ratio down to its lowest in last two months and traded below 105.50. Silver prices increased more than +5.50% today and made a high@17.047 range.

Today's both US retail sales and Industrial production data was also given support for hedge funds like Gold and Silver .

Gold and Silver prices were rose more than 3% and 90% respectively in last three sessions.

Technical News:

By 12.02 AM ET, Gold futures , June contract traded $1759.50 range, up +1.04%.

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 $1692.10(weekly low) range, we will see downtrend below $1666.20(max support low).

Expectation of some profit booking will see in next week.

But for trading point of view, according to me, Its best time to make short positions in Gold and Silver at cmp and wait below TGTs for next week.(more than 3% to 5% down in Gold and Silver in next few sessions)

Intraday and next week strategy for Gold is given below:

Entry point - $1759.50 - $1762.90

And keep R1 $1788.80

And wait S1 $1716.00
And wait S2 $1692.10
And wait S3 $1666.20

Near term range(next week) in Gold - below $1700 June contract.


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