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Gold: June 19 review (Intraday and STBT strategy for Gold)

Short
COMEX:GCQ2020   GOLD FUTURES (AUG 2020)
Gold: June 19 review (Intraday and STBT strategy for Gold )

-2% in Gold ......and -3% in Silver ......down from current level....and wait below S1 in Gold before today's closing/next week....

Fundamental Review:

Safe heaven demands like Gold and Silver prices rise due to increase the number of Covid-19 cases in China and US.

Gold and Silver prices volatile now a days because of global fears and uncertainty of the economy.

Gold and Silver prices increased more than 3% and 6% respectively in last four sessions. While on the other side US Dollar Index prices made a high $97.703 range(last 10 day's high) today against basket of major currencies.

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

By 1115 AM ET, Gold futures , August prices was traded almost monthly high @1760.10 range, up +1.68%.

Expectation of profit booking will come very soon in precious metals.

Technical Review:

Above $1760.10 range, we will expect $5 up trend in Gold , but for trading point of view keep max resistance level $1788.80 and short precious metals at every high levels.

And on the down side, we will expect more than -2% down in Gold ($1724.80) range, and if prices break below this level, we will see $1717.30 and $1706.20 also.

But for long term strategy(Max 12-15+ days) in Gold , we will expect more than -$100 negative trend from the current level.

Intraday and STBT(Next week) strategy for Gold is given below....

Entry point - $1760.10 - $1762.50 range

And keep R1 $1788.80

And wait S1 $1728.30
And wait S2 $1717.30
And wait S3 $1706.20

Disclaimer-Trading in gold and silver market are subject to market risks. We doesn’t bear any responsibility for any trading losses.❤️
Comment: Again Short Gold @1775.00 range today.....

and wait below S1 $1728.30 range this week.

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