Will Gold Spot Decline More? (TP 1682.6)

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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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The long-term outlook of MCX Copper

Free commodity copper tips chart

Look at the above weekly chart of MCX Copper. It has created an ascending channel pattern without breakout. This channel started in the previous year’s April month. At present, it’s falling after making a tail. But how much it can go down? Copper may fall more from here, and that can be up to 728 – 710.6 levels.

But overall, it’s on an uptrend. So, soon it will start marching for the following levels:
760 – 780 – 800 – 820 – 840+

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Silver will touch 69200 levels this week?

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Is it a good time to take a long position in silver?

According to the previous data, it has breaks 2021’s support trendline. But the price has bounced off from the 200 moving average. And it’s not crossing the 0.886 value of retracement. Hence, at the present silver trading range is between 73222 – 69076 levels.

This week silver may collapse up to 0.786 ( TP: 70660 – 70000 – 69200 ). And hurdle is 73222 level…

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MCX Crude oil: Ascending Triangle Pattern (TP 5112)

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Crude oil is forming an Ascending Triangle Pattern. According to the monthly chart and chart pattern analysis, the crude oil rally will not stop here. It will keep moving forward for levels of 5160 – 5300 – 5600+.

MCX crude oil target for intraday traders is 5112 level.

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Gold: Descending Channel Pattern with Breakout at Upside

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MCX gold will keep moving further advance up to the targets of 50000 – 51000 levels. But after the first target, gold will try to take a reversal for 0.382 to 0.236 levels of retracement.

Long-term Targets: 51575 – 52492+

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