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Gold has started collapsing nonstop after Nonfarm Payrolls data. And it stopped at my ‘tested many times’ level. XAUUSD has recovered 50% almost in the previous week.The gold spot needs to break the 1793.6 level to start an uptrend. Afterward, it will go for 1806 – 1826 levels. And these levels can push the gold price up to 1900.But if gold breaks the strong support again, it will start falling. This time, it won’t stop! Hence, the short-term traders can start selling from there for the targets of 1744 – 1726 – 1684.
MCX Gold Will Have An Explosive Rally This Wednesday
MCX traders should keep their eyes on the 46720 levels. It’s a trend changer.As per XAUUSD, Indian MCX Gold can raise 47500 – 48260 after a breakout of $1793.6. And if it breaks the strong support of Gold Spot, it will keep falling for targets of 46260 – 45860.For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil. Especially, don’t forget to watch this Wednesday’s events to find out gold upcoming actions.Continue reading
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.
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 reading
According to the 4H chart of USD/JPY, its uptrend can extend and touch the following target prices: 111.11 – 111.50Invalidation: prices below ii or 50 MA.Continue reading
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 Daily 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 Basic Speaks
Thursday, Jun 24, 2021 18:00 – Final GDP q/q | Initial Jobless Claims
