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Gold: June 09 review (Intraday and weekly Gold strategy)

Short
COMEX:GCQ2020   GOLD FUTURES (AUG 2020)
Gold: June 09 review (Today's second call)

Fundamental News:

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 Coronavirus pandemic situations across the globe in last three+ months.

All profits washed out and prices was traded $1729.00 range(above 20SMA) today at morning US hours after made a $1672.00 range on last Friday.

By 1030 AM ET, Gold futures , August contract traded $1729.00 range, up +1.41%.

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 futures , was traded between $1666.20 and $1788.80 range.

On the opposite side, US Dollar Index futures , June 20 contract traded $96.370 range, down -0.25%.

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.

Technical News:

Above $1729.00 range, we will expect $3-5 up trend. but near term R1 $1761.00 range(last week high) and on the reverse side, prices below $1697.65(today's low) this level, wait near term support level which is $1680.70(weekly low) and but major support level is 1666.20(21 April's low).

For intraday and STBT strategy for Gold is given below:

Entry point - $1729.00 - $1734.50 range

and keep R1 $1761.00(Last week's high)
and wait S1 $1697.65(today's low)
and wait S2 $1680.70(weekly low)
and wait S3 $1666.20(Major support level )

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.❤️

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