Gold: July 18 review
Gold futures for August delivery traded $1425.15 range at early European hours and made a high $1431.45 range today. Yesterday's IMF comments regarding overvalued to US Dollar kept negative trend for Dollar. And Traders buy hedge funds as non-yielding assets.
Traders also wait this month's Fed rate decision. Trump also threatened to impose more duties on Chinese goods which also affect Global tensions.
US Dollar index futures for September delivery traded $96.740 range today and made a new high $97.100 range yesterday. While in major Forex pairs, EU and GU also traded negative zone against Dollar.
Silver futures for September contract in Comex division also made a new high $16.148 range today and up +6.5%(almost +$1) in last five sessions due to this week's weak Chinese data.
On the other sides, yellow metals traded almost 6 years high today but not break this month's high($1439.95 range in Gold). Dollar/US economy become continues strong due to stronger-than-expected all US data in last few days. We hope that profit booking in safe heaven funds will start for today's sessions.
Intraday fundamental strategy for Gold:
Pivot point - $1425.15-$1428 range
And wait S1 $1411.50
And wait S2 $1406.90
And wait S3 $1400.00
And keep R1 $1439.95.
Gold futures for August delivery traded $1425.15 range at early European hours and made a high $1431.45 range today. Yesterday's IMF comments regarding overvalued to US Dollar kept negative trend for Dollar. And Traders buy hedge funds as non-yielding assets.
Traders also wait this month's Fed rate decision. Trump also threatened to impose more duties on Chinese goods which also affect Global tensions.
US Dollar index futures for September delivery traded $96.740 range today and made a new high $97.100 range yesterday. While in major Forex pairs, EU and GU also traded negative zone against Dollar.
Silver futures for September contract in Comex division also made a new high $16.148 range today and up +6.5%(almost +$1) in last five sessions due to this week's weak Chinese data.
On the other sides, yellow metals traded almost 6 years high today but not break this month's high($1439.95 range in Gold). Dollar/US economy become continues strong due to stronger-than-expected all US data in last few days. We hope that profit booking in safe heaven funds will start for today's sessions.
Intraday fundamental strategy for Gold:
Pivot point - $1425.15-$1428 range
And wait S1 $1411.50
And wait S2 $1406.90
And wait S3 $1400.00
And keep R1 $1439.95.