Micro Gold Futures (Jun 2024) Forum & Chats (COMEX_MINI:MGCM2024)

2 hours ago

Gold futures are bullish and expected to hit 3500 by the end of this week.

2 hours ago

We got a consolidation printing Higher highs and higher lows. If this consolidation is not done, I expect price to hit that 1h FVG before reversing down towards another FVG. The other theory is based on the impulse not being over yet and the target is a new ATH. Fed's decision today will dictate the move. Lower rates = pump on S&P + dump on gold, and vice-versa.

Aadinathtaya

3 hours ago

its a sharp drop all sellers in mid levels

preciousforextips

9 hours ago

Gold Set for -10.00% Sharp Drop This Week

Gold prices have continued their upward trend over the past three sessions. On May 1st, spot gold (XAU/USD) reached the 3202.09 range. Gold prices surged nearly 3% today and 7% in last four sessions, climbing from $3202 to $3434.96 per ounce as of today.

This rally has been fueled by strong post-holiday buying from China and growing concerns about potential U.S. tariffs on pharmaceutical imports. The market also responded to an announcement from the administration calling for a 100% tariff on all foreign-produced movies in the U.S., while investors remain focused on the upcoming Federal Reserve policy decision.

Gold prices continued to rise today during the morning US session.

This follows a recent 5% drop in precious metals, particularly gold, over the past 1 weeks—driven by central bank buying and differences in the gold-to-silver price ratio.

Gold has also shown more volatility than silver in last few sessions.

Looking before to the US market close, I believe it's an ideal time to sell as much gold and silver as possible at current levels.

In my view, we can expect a downward move of more than 10% in Gold spot XAUUSD either later today or within the next two sessions.

Based on my trading strategy for Spot Gold (XAUUSD):
Don’t miss the chance to capitalize on a potential downside move of over -10% in gold—possibly occurring today or by the end of the week.

Before the US market closing today, spot gold (XAUUSD) touched around $3434.96 per ounce, while June Gold Futures traded near the $3444.47 mark.

This price zone could represent a strong selling opportunity, consistent with typical profit-taking behavior.

At these elevated levels, many traders may choose to secure profits, which could lead to a pullback in the market.

If spot gold begins to decline, it may drop toward the intraday low around $3323.50 per ounce. A continued downturn could push prices further to approximately $3287.00—nearly $150 below the recent high. Additional weakness might offer further selling chances, potentially driving prices down to yesterday’s or the weekly low near $3237.81 per ounce. Continued declines could offer new selling opportunities, potentially pushing prices to the 10th April low of $3071.03 range per ounce.