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If MCX silver crossover and close below the level of 62110, it will try to hit 60000 – 58900 – 57260 levels.
Otherwise, it will take a bounce back from here and come back to the 65800 – 69200 levels.
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.
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.
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?
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.
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 can’t be sell 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:Continue reading
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.
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