Crude oil has broken March 2020 support trendline today. That is indicating a direct sell signal. If crude crossover & closes above to 5160 levels, then it can come out from the downtrend. And we may see 5300 – 5500 again.
According to the current breakout, MCX crude oil may hit the following levels: 4800 – 4760 – 4660 – 4590
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On 16 July, gold has crashed over $60 during the FOMC event. At that time, Commodity Futures Trading Commission (CFTC) data was highlighting selling pressure.
And on 27 July, CFTC data was said OI (Open Interest) of a gold future contract is 500,187 and total shorts 481,533 & buys 452,107. But, gold prices increased.
We have to notice that the bullish rally wasn’t powerful compare to the 16 July data. And selling pressure has higher compare to buyers. Hence, gold has moved bearish side in the last trading session.
If gold wants to move upside, then it has to crossover my strong resistance. That will lead the gold’s prices above 1840 – 1860 – 1882 – 1900.
But if you focus fundamentally & CFTC data, XAUUSD will keep falling and touch the following targets: 1800 – 1793.6 – 1783.6 – 1763.6. Gold is making double top formation also.
Previous Article:
XAUUSD (Gold Spot) & MCX Gold Will Skyrocket?
What’s Next:
Key levels: 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.Continue readingIn 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?
Gold spot needs to break 1809 levels to retest support of 1793.6 – 1783.6. These support levels will push the gold price higher. Gold isn’t sellable until the breakout of 1766 (strong support).
XAUUSD will touch 1858 – 1898 levels soon.
