Market sentiment for gold, silver and metals is bearish. There are more long positions than short positions in every metals which has resulted in investors using the rise as an exit opportunity. Certainly no new investments are there in metals. The US dollar has gained as investor appetite for riskier asset has been waning. Increase in geopolitical risk is unable to change the bearish sentiment.
Excess leverage in base metals particularly copper and nickel has been the prime reason for the fall in precious metals. At any point of time global liquidity is more or less the same. Investors these days do not sit on cash, rather they prefer to invest and also rotate their investments and they rotate their investments very quickly. Demand for physical gold and silver is not falling. Gold and silver are fundamentally bullish, technically weak. That’s all I can comment on them. Today’s close will set the direction for next week. Gold June future are expiring next week and bears will try their best to ensure a lower close.
GOLD -- JUNE FUTURE
A close below $650 today will result in $631 as the immediate target. On the higher side $658 is the initial resistance with $663 as the key intra day resistance. A break of $663 will result in $668.0
SILVER -- JULYFUTURE
Only a consolidated break of $1308- $1314 will result in gains $1329 while failure to break the same will result in $1278 and $1236 in the near term.
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