-- Published: Monday, 5 June 2017 | Print | Disqus
The UK terror attack will ensure that Ms. Theresa May gets a thumping majority in the UK elections on Thursday. I believe that these attacks are indirectly state sponsored to ensure Ms. May and her party continue to rule the UK. Everything is fair in love and politics. Even the Manchester suicide bomber and his group were known to UK law enforcement agencies. The Cable can fall first and then rise. There should be higher gold demand as a safe haven from Europe.
US May nonfarm payrolls and US May private ADP numbers coming in exact opposite directions can confuse investors. Sentiment for gold is bullish and bearish as that of the US dollar. Over the next two weeks gold needs to break and trade over $1309 to get start another bull run to $1476 and more. Silver needs to trade over $1761 to continue its bullish zone.
It should be a technical trade with the US dollar as the key. Movement will be two way. Crude oil needs to trade over $45.50 for the rest of the month to continue its bullish run. There are no big US economic data releases this week.
COMEX SILVER JULY 2017 – current price $1754.60
Bullish over $1740.90 with $1775.50 and $1811.10 as price target
Bearish below $1722.70 with $1701.70 and $1693 as price target
Neutral Zone between: $1722.70-$1740.90
· 200 day moving average of $1740.90 is the key support. Silver needs to trade over $1740.90 today to rise to $1811.
· Initial resistance is at $1775. Silver will zoom if it manages to trade over $1775 anytime this week.
· On the lower side support is between the $1716-$1722 zone. As long as silver trades over this zone, downside risk will be limited.
· A daily close over $1740.90 today will be very bullish for tomorrow.
Silver July 2017: (previous day close/CMP Rs.40274)
Bullish over 39706 with 40843 and 42513 as price target
Bearish below 39351 with 39137 and 38563 as price target.
Neutral Zone: 39351-39706
· Initial support is at 40033. Silver needs to trade over 40033 to rise to 41095 and 41768.
· Sellers only below 40033 today to 39706 and 39351.
· A daily close over 40643 today will be very bullish for silver for the rest of the week.
(prices in Indian Rupees above)
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: Monday, 5 June 2017 | E-Mail | Print | Source: GoldSeek.com