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Gold- currency Trade pair.
Today forex signal - Buy
Support 3 - Support 2 - Support 1.
1589.19 - 1600.62 - 1611.84
Resistance 1 - Resistance 2 - Resistance 3.
1634.49 - 1645.92 - 1657.14
Time frame that is considered while making support and resistance levels - Daily and weekly Time frame
Consider the daily economic news before taking the trade.
Gold ka 1 bahut strong resistance lagta hai 1550 pe...waise to is point kop todna thoda mushkil hai lekin agar gold iske upar nikal gaya to fir iska down trend itnio easily nahi aayega..
So for gold i would recommend you guys to wait and watch
GOLD
The Dow Jones Industrial Average futures fell more than 900 points, or 5%, to hit their “limit down” level. S&P 500 and Nasdaq 100 futures were also down around 5%. The price of oil fell to a low of $20.84 from $23.40.
Reports of talks between OPEC and the US shale industry did little to ease the selling in the crude oil market last Friday as the market sees little hope of any coordinated approach on supply within OPEC+.
Long term movement pivot, Resistance and support levels are as follows for today date.
Current market price is at - 1625.10
This currency name - Gold
Resistance and Target - 1633.40
Support and Stop Loss - 1616.80
Always follow Long time frame market trend.
Signal is Sell.
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Note:Always Follow the making experienced with others having great knowledge about trading.
Demand for the greenback finally receded this past week, leading to a nice recovery in gold prices. Spot traded as high as $1,643.90 a troy ounce, level reaching on Thursday. Things keep moving fast, although not faster than the coronavirus spread. The number of total global cases has largely surpassed 500,000, while the number of cases in the US is now above those in China. The death toll continues to increase, particularly in Italy and Spain, the countries most hit by the pandemic. The UK comes behind as even UK PM Boris Johnson and Prince Charles got infected.
Beyond decreasing interest for the greenback, gold got backed by delivery issues tied to the operations shutdowns taking place all over the globe, leading to a shortage of physical gold supplies.
Demand for the greenback finally receded this past week, leading to a nice recovery in gold prices. Spot traded as high as $1,643.90 a troy ounce, level reaching on Thursday. Things keep moving fast, although not faster than the coronavirus spread. The number of total global cases has largely surpassed 500,000, while the number of cases in the US is now above those in China. The death toll continues to increase, particularly in Italy and Spain, the countries most hit by the pandemic. The UK comes behind as even UK PM Boris Johnson and Prince Charles got infected.
Beyond decreasing interest for the greenback, gold got backed by delivery issues tied to the operations shutdowns taking place all over the globe, leading to a shortage of physical gold supplies.
Plus there is political uncertainty, "said Rob Dobson, Economist of IHS Markit, in a written statement. In addition to economic growth, investors should also look at the release of Chinese trade data on August 8.
Today position :buy
Ye kaafi weak chal raha hai aur esliye esme usd strong hone ki wajah se ye pair up ho raha hai,esme ka level agar break hota hai to esme fir buy nahi karna chahiye,.aur sabse strong support esme long term trading ke liye hai tabb takk esme trader buy the dip karke market me sahi entry lekar apne trade ko open aur close kar sakta hai.
Forex Forecast with price level
Gold - pair in focus.
Current Price - 1626.63
main support level - 1618.76
main resistance level - 1636.46
Pair likely to be in Sell today.