Gold: June 11 review (Intraday and STBT strategy)
Technical review:
In last many days, Gold prices is trading between $1789.00 and $1666.20 range.
By 1103 ET, Gold futures, August contract traded $1754.50 range, up 1.97%.
For trading point of view, above $1754.50 range, you will see $3-5 up trend and keep near term R1 $1775.80 range(last month's high) but maximum level of resistance $1788.80 range(Max Resistance Level ).
On the other side, If price break $1727.70(today's low), will expect $1714.10(yesterday's low) and wait next tgt below $1700 range in this/next week.
Expectation of major profit booking in Hedge funds in this week. Expectation of more than -1.5% and -2.5% respectively down Gold and Silver in this week.
After US markets open, make short positions in Gold .
For intraday and STBT(weekly) strategy for Gold is given below:
Entry point - $1754.50 - $1758.90 range
and keep R1 $1788.80
and wait S1 $1727.70(Today's low)
and wait S2 $1714.10(Yesterday's low)
Short term strategy: Negative trend in Gold