-2% in Gold ......and -3% in Silver ......down from current level....and wait below S1 in Gold before today's closing/next week....
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.
Above $1760.10 range, we will expect $5 up trend in Gold , but for trading point of view keep max $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.❤️
and wait below S1 $1728.30 range this week.