Gold: February 18 review
Safe-haven demand like Gold and Silver prices edged up today as the spread of Coronavirus fears and US-China trade war tariffs.
After signed phase one trade deal between US-China, Today’s report told that China will grant exemption tariffs to the US for the energy and agriculture sectors.
Before US open, Gold futures, April contract traded $1596.00 range, up +0.64% at early US hours.
Brent Oil prices down more than 2.00% today and traded $51.16 range today after the slowdown effect from China.
More than 80000+ affected and 1900+ people’s confirmed cases for this coronavirus, major epicentre China’s Hubei province data to till date.
All Asian and European stocks traded negative zone today due to US-Sino tariffs and tech giant Apple gave slowdown for its sales report.
By 09.18 AM ET, Dow 30 futures, March contract traded -140 points, down -0.48%.
US Dollar Index futures, March contract made a six months high $99.373 range, and traded $99.346 range, up +0.36% against all baskets of major currencies.
Before the US open, we should expect profit booking in hedge funds like Gold and Silver.
Intraday and weekly strategy for Gold is given below.
Entry point – $1596.00 – $1598.00 range
And keep R1 $1607.50
And wait S1 $1582.00
And wait S2 $1578.00
And wait S3 $1571.00