-- Published: Tuesday, 7 June 2016 | Print | Disqus
It is better to ignore the Yellen speech and trade in the technical. Traders are now starting to postpone the expectations of an interest rate hike to September. In my view, if the Federal Reserve does not raise interest rates in July, then it may not do so for the rest of the year. Gold investment demand should now rise as the risk to return ratio moves in favor of the buyer.
Republicans are the first political party in the world who want their candidate Donald Trump to loose. The chances of Ms. Clinton becoming the next American president are very high as of now. Only a miracle can ensure a Trump win. Ms. Clinton will unleash an even greater war in the world than Obama in his second term. She has already sold herself to defense contractors, the Erdogans and the Saudi Royal family. I am very confident that gold and other precious metals will zoom under the able leadership of Ms. Clinton.
The next US president will also have to focus on developments in the South China Sea and Chinese aspirations. China is not the Middle East or Ukraine or the Soviet Union or Germany. The fear of trade sanctions will not affect them, unlike Russia. The American policy to nations who do not follow their dictates is to impose global trade alienation. Trade alienation policy will not work with China. A direct war or an indirect war with China will not also work in American favor. The USA is trying to use nations like India and other Asian nations as pawns to counter China. This policy will also be counterproductive. The next decade will now belong to developments in South China Sea. The politically fragile situation in the South China Sea should also be bullish for gold.
TECHNICAL SUPPORT/RESISTANCES |
COMEX GOLD AUGUST 2016 TECHNICAL LEVELS -- pivot $1239.90 &1253.60 |
. | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,211.10 | $1,219.60 | $1,234.10 | $1,242.20 | $1,253.70 | $1,257.60 | $1,262.90 | $1,276.30 |
SILVER JULY 2016 TECHNICAL LEVELS -- pivot $1633.70 & $1677 |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,578.80 | $1,598.90 | $1,621.00 | $1,633.00 | $1,654.80 | $1,274.90 | $1,694.10 | $1,712.90 |
COPPER JULY 2016 TECHNICAL LEVELS -- pivot $212.70 |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$202.30 | $205.40 | $206.80 | $209.60 | $214.10 | $216.10 | $219.90 | $223.70 |
CRUDE OIL (1st Contract) -- pivot $49.10 |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$46.20 | $47.10 | $48.10 | $48.70 | $50.10 | $50.90 | $52.10 | $53.30 |
All prices are in US dollar ($) above. Only for reference |
MCX GOLD AUGUST – Previous Day Close Rs.29450
Gold can rise to Rs.29736 and Rs.30056 as long as it trades over Rs.29200. There will be sellers only if gold trades below Rs.29200 or in case gold does not break Rs.29736 by tomorrow.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 7 June 2016 | E-Mail | Print | Source: GoldSeek.com
