Part 2: What Drives Gold (XAUUSD) Prices?

free commodity xauusd gold spot daily chart tips

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.

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USD/JPY May Continue Decline

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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

Techanical Analysis of USD/JPY

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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

Will Gold Spot Decline More? (TP 1682.6)

free gold tips chart

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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MCX Gold & Gold Spot Price Ready For Another Rally Attempt

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COMEX Gold Price Trapped at Control Price

Gold futures preparing to come at $1740 – $1750 – $1760. Day traders must wait for a breakout of the control price line before entering.

The uptrend will end whenever the gold spot price breaks strong support.

free mcx gold 4-hourly chart & tips

Is Gold Going To 45700 Or Higher?

The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.

According to the Darvas box (rectangular formation), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300.

Targets: 45560 – 45680

If gold breaks the bottom of the rectangle, don’t buy. And wait for my next update on the gold.

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MCX Crude Oil & NYMEX Brent Oil In-depth Analysis & Tips

NYMEX Brent Oil Futures – Simple Trading Strategy

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Here, I have used MA, RSI, VOL, & DMI to identify the next move of Brent Oil. According to these indicators, it seems bullish ahead. We may see the following targets soon: $68.8 – $69.8 – $71+

But, if brent oil breaks the hurdle ($66.60) and shows a closing price below it, we will see a heavy downfall. Targets: $64.6 – $62.8 and below

What about MCX Crude oil? It looks downward for a short period. Look at the below chart:

free mcx crude oil tips chart

MCX Crude oil can go down for a retracement value of 0.236 in the upcoming days. So, intraday traders can set the following targets to make some money: 4560 – 4500 – 4460 – 4400

But, if brent oil breaks $66.60 upside, then change your position for the following targets: 4800 – 4880+

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