On the above chart, you can see Fibonacci levels (A), (B), (C) AND (D). if we transfer from (C) and (D) to (A) and (B) level, the next are for attention is new level (C). and if this pattern successful, you will see next level (D) which is around $1638.20 range(61.8% Fibonacci level) in next few sessions.
Above $1726.90 range, we will expect $5-8 up trend. but near term R1 $1761.00 range(last week high) and on the reverse side, prices below $1697.65(yesterday’s low) this level, wait near term which is $1680.70(weekly low) and but major is 1666.20(21 April’s low).
Gold/Silver ratio was traded wide indicated that means Gold’s relative value is going up and Silver’s value is going down.
And it also helps that Gold prices was pushed higher today because of global recovery fears of Corona-virus pandemic situations across the globe in last three+ months.
All profits washed out and prices was traded $1726.50 range(above 20SMA) today at morning European hours after made a low $1672.00 range on last Friday.
By 1130 AM IST, Gold futures , August contract traded $1726.90 range, up +0.29%.
Investors sold hedge funds like Gold and Silver at every high levels in last few days because of some hopes of economy recovery.
In last many days, Gold August , was traded between $1666.20 and $1788.80 range.
On the opposite side, US Dollar Index , June 20 contract traded $96.150 range, down -0.19%.
Traders will also keep an eye for this week’s US Federal reserve’s two day policy meeting which clues on further stimulus measures and policy rates.
As on last Friday’s surprising unemployment decision, also given some hopes of this Covid-19 situations will over soon.
Expectations of Gold prices will going down to more than -2% in this week from current levels.
Before European sessions open, For intraday and STBT strategy for Gold is given below:
Entry point – $1726.90 – $1731.00 range
and keep R1 $1761.00(Last week’s high)
and wait S1 $1697.65(yesterday’s low)
and wait S2 $1680.70(weekly low)
and wait S3 $1666.20(Major )
Near term/STBT review – Down trend in Gold .
Disclaimer-Trading in gold and silver markets are subject to market risks. We doesn’t bear any responsibility for any trading losses.❤️