-- Published: Wednesday, 31 May 2017 | Print | Disqus
The current fall in gold and silver is profit taking which will turn into a bearish zone only if it continues to fall next week. Today till Monday’s Asian session, both rises and falls can be bluffing. Since the rise in geopolitical risk has not affected bullion, it will be a technical trade till Friday. US jobs numbers are there. Over the past few months I have seen that Friday’s reaction to the numbers have been opposite to what they should be. On the following Monday (after the release of US NFP), metals and energies price move in the way they should be. Traders have been incurring losses both on the day of release of NFP and the next trading session.
I am against buying at current prices and will prefer to wait some more time till a clear trend emerges.
COMEX GOLD AUGUST 2017
Bullish over $1262.70 with $1268.40 and $1274.30 as price target
Bearish below $1257.10 with $1251.50 and $1246.40 as price target.
Neutral Zone between: $1257.10-$1262.70
- Gold needs to trade over $1257 today to rise to $1274 and $1286.
- Sell off only below $1257
MCX GOLD AUGUST 2017 – previous day close Rs.28948
Key short term resistance is between the 29155-29228 zone. Trend is neutral. I am against taking new short term long positions unless gold breaks and trades over the 29155-29228 zone. Intraday day gold needs to trade over 28904 to rise to 29058 and 29155. Sell off only below 28904 to 28808 and 28678.
(prices in Indian Rupees above)
COMEX COPPER JULY 2017 – current price $257.20
Bullish over $256.90 with $259.90 and $263.90 as price target
Bearish below $253.30 with $251.60 and $249.10 as price target
Neutral Zone between: $253.30-$256.90
- 200 day moving average at $253.40. Copper needs to trade over $253.40 to rise to $262.20.
- Sell off only below $253.40. Trend is neutral.
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: Wednesday, 31 May 2017 | E-Mail | Print | Source: GoldSeek.com