Outlook: MCX Gold downtrend stopped at 46720
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's not sellable 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.
Monday, Jun 28, 2021
11:00 - Gold Index
Tuesday, Jun 29, 2021
19:30 - CB Consumer Confidence (Jun)
Wednesday, Jun 30, 2021
2:00 - API Weekly Crude Oil Stock
17:45 - ADP Nonfarm Employment Change (Jun)
19:30 - Pending Home Sales (MoM) (May)
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's not sellable 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.
Monday, Jun 28, 2021
11:00 - Gold Index
Tuesday, Jun 29, 2021
19:30 - CB Consumer Confidence (Jun)
Wednesday, Jun 30, 2021
2:00 - API Weekly Crude Oil Stock
17:45 - ADP Nonfarm Employment Change (Jun)
19:30 - Pending Home Sales (MoM) (May)
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