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XAUUSD (Gold Spot) & MCX Gold Will Skyrocket?
1793.6 and 1783.6
According to my previous newsletter, my gold key levels will remain the same. It’s not sellable until breakout the 1766 (strong support).
In XAUUSD, buying pressures are increasing. We may see 1812 – 1824 – 1836+ levels.
Alternatively, gold is taking a reversal from the first key level, so its upside rally may be weak. But, day traders can play between my range. And stop buying when it breaks the first key level. That could drag down the gold price directly at the second key level (1783.6).
And gold’s closing price below 1783.6 means blast. It may hit the strong support level directly.
Please note, don’t forget to watch significant releases or events mentioned above in the chart that may affect the movement of gold, silver, and crude oil.
USD/JPY has made a high of 111.66 and took a U-turn. Its impulsive wave breaks at support trendline breakout. It can keep falling from the dynamic resistance trendline (DRT). We may see 109.54 – 109.15 – 107.48 soon.
Don’t sell after a breakout of DRT or 110.7 level. And do not forget to watch significant releases or events mentioned on the above chart that may affect the movement of USD/JPY. Read more
In June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month.
You can read the previous articles of Gold Spot and MCX Gold to catch the next move.
June 27, 2021 – Outlook: Gold downtrend stopped at 46720
I have written, “It’s not sellable until following the above scenario. We can see the gold prices at 48000 – 49000+ in the upcoming days”.
And MCX Gold has completed the first target in the last week.
June 21, 2021 – Will Gold Spot Decline More?
Weekly Outlook of Indian MCX Gold
According to the 4H chart of USD/JPY, its uptrend can extend and touch the following target prices: 111.11 – 111.50
Invalidation: prices below ii or 50 MA. Read more
Key Levels: 46720, 46250.
The corrective nature of the latest rebound suggests the Gold decline will continue. A break of hurdle will raise the possibility of the impulsive decline from near 46720. A strong selling signal will come after a breakout of 46250 levels. So, intraday (day) traders can start selling between hurdle and breakout levels for the target of 46000 – 45460 – 44900 below.
But according to the current situation, gold is trying to recover the loss from the last 2 weeks’ events. It’s not sellable until following the above scenario. We can see the gold prices at 48000 – 49000+ in the upcoming days.
Watch significant releases or events that may affect the movement of gold, silver & crude oil: Read more
In-depth analysis: Is it the right time to buy gold?
Gold (XAUUSD) and silver (XAGUSD) has crashed in the previous week. Gold has lost -113.585 points (-6.05%), and silver lost -2.14315 (-7.68%). Millions of CFD’s traders have lost money in that week.
Where’s gold’s bottom?
According to technical analysis and fundamentals research, gold can decline more. Gold has broken the strong support trendline (01) and marching for 02. If it doesn’t close above to trendline of 01 in the first two trading sessions, it will be unstoppable through high selling pressure by speculators. And we will see the target price 2.
Technically, the most popular indicators are indicating a complete downtrend. And Stoch RSI is signaling for a reversal. So, it can pull back up to a retracement level of 38.2% or 01 trendlines. If that not happen, gold can lose 81.635 points more.
In the previous week, gold and silver were falls due to economic events and high selling pressures by speculators. For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil.
Tuesday, Jun 22, 2021
00:30 – FOMC Member Williams Speaks
01:00 – All CFTC Speculative net positions
11:00 – Gold Index
20:30 – FOMC Member Daly Speaks
23:30 – Fed Chair Powell Testifies
Wednesday, Jun 23, 2021
02:00 – API Weekly Crude Oil Stock
18:30 – FOMC Member Bowman Speaks
19:15 – Flash Manufacturing PMI | Flash Services PMI
20:00 – Crude Oil Inventories
20:30 – FOMC Member Bostic Speaks
Thursday, Jun 24, 2021
18:00 – Final GDP q/q | Initial Jobless Claims
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Recently published comments: Read what they’re talking about…
- Sayed salman Hussain said on Sunday 18th of July 2021
nickel me kya lag raha hai?
- Moneymunch.com said on Sunday 18th of July 2021
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- Dinesh Moorthy said on Sunday 18th of July 2021
I have made payment for 1 year plan 42500. Now what I need to do next?
- marwadi4india said on Sunday 18th of July 2021
excellent prediction sir
- Anvar Hussain said on Thursday 1st of July 2021
Gold sell hold?
- Moneymunch.com said on Wednesday 2nd of June 2021
We will update it soon.