Get daily MCX trading tips for Indian commodity markets and expert market research reports on bullion, energy, and base metals commodities to enhance your knowledge with our articles and empower your trades.
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
Key level: 62110On 6 June 2021, I had drawn a chart of silver (URL: https://moneymunch.com/mcx-silver-touch-69200-this-week-tips/). Wherein, I’ve shown the silver can collapse up to 0.618. It has made a low of 62184 and touched 0.618 levels of retracement.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
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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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.
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).
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
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
