Gold prices was quoting $1736.50 range, up +0.03% or +$1 at morning Asian hours.
All Asian indexes were traded positive today due to given sign of re-opening of Global economy. MSCI broader index was traded positive +1.4% today.
Traders will also keep an eye for this Friday's Fed Chairperson Powell's remarks.
Chinese Central banks will provide more monetary stimulus packages and continue to push to lower interest rates which affect boost for their economy.
Expectations of precious metals like Gold and Silver, will keep down trend in next few sessions due to some hopes of positive signals for Covid-19 vaccines.
An American Vaccine development company, Novarax's face - 2 trail will take place in several developed countries.
Gold prices traded $1666.20-$1788.80 range in last six weeks.
The next area of attention is below $1720.40(20days SMA). below this level, near term S2 $1715.30(last week's low) but major support level is $1692.10(15 days low).
On the opposite directions, if Gold prices traded above $1742.00(last Friday's High), we will expect more $7-10 rise, but near term R1 $1775.80(last week high) and major resistance level $1788.80(Lifetime high).
According to me, for intraday and STBT point of view, more than -2% to 3.5% down trend in Gold and Silver this week.
Before European markets open, trade max lot size and make sell positions in Hedge funds.
Intraday and weekly strategy for Gold is given below:
Entry point - $1736.50 - $1739.90
And keep R1 $1757.60
And wait S1 $1720.40 And wait S2 $1715.30 And wait S3 $1692.10
Near term range (weekly TGT) in Gold - below $1700 June contract.