-- Published: Tuesday, 28 June 2016 | Print | Disqus
There can be big three percent one way moves in gold and silver anytime. Copper is looking bullish at the moment. Crude oil needs to trade over $44 till tomorrow to prevent another sell off. Monday US markets are closed due to Independence Day. There will be position squaring and rebuilding for next week. Traders have also started taking positions for the upcoming quarter. Sentiment is bullish for gold and silver for next quarter. However unless the rise in gold prices is backed by a rise in physical gold demand, there will be fears of sharp corrections (while maintaining the overall bullish trend). US economic progresses will also tell us the fate of US interest rate hikes.
The UK will not leave European Union today or tomorrow. The UK exit vote is a signal that excess globalization implies political parties trying to oligopolise earth and rule the world. Oligopoly has always resulted in cartelization (which is what American and European politicians are doing). The common man has always suffered under oligopoly. Europeans are trying to break their oligopoly politicians. This will continue over the coming years. Gold investment demand from Europe and America will zoom and will overall be bullish for gold prices.
COMEX AUGUST 2016 – current price $1320.80
Bullish over $1317.20 with $1337.60-$1347.80 and $1377.10 as price target
Bearish below $1307.10 with $1299.90-$1284.90 and $1274.60 as price target.
Neutral Zone between $1307.10 and $1317.20
- Either gold rises or fatigue will come in gold prices will crash below $1300. I am against buying unless gold trades over $1341 today.
- Sellers will be there (a) if gold trades below $1316 or (b) Gold does not break trade over $1340.
- A daily over $1310 today will be bullish for tomorrow.
MCX GOLD AUGUST – (previous day close Rs.31548)
Gold is in the middle of the road. Either it breaks Rs.32356 in the next two weeks or else it will fall to Rs.30027 and Rs.28983 first and then rise. Initial support is at Rs.31100. I am against investing unless gold trades over Rs.32356 in the next two weeks.
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, 28 June 2016 | E-Mail | Print | Source: GoldSeek.com