UK elections, European central bank meeting and US economic data releases will all affect metals and energies sector. Volatility will be very high. I am against buying gold unless it breaks and trades over $1303. I am against buying silver unless it breaks and trades over $17.81. Crude oil see a big sell off only if it trades below $45.50 and more so in US session.

Currencies will affect bullion in a big way.

COMEX GOLD AUGUST 2017 – current price $1289.90

Bullish over $1299.70 with $1303.10-$1309.80 and $1317.60 as price target

Bearish below $1292.10 with $1285.30 and $1268.70 as price target.

Neutral Zone between: $1292.10-$1299.70

·        Key support is at $1285. Gold needs to trade over $1285 to prevent a fall to $1276.70 and $1266.30.

·        Trend is neutral but big rise only over $1303.

·        Day traders keep on booking small profits.

COMEX SILVER JULY 2017 – current price $1756.00

Bullish over $1781.90 with $1796.10-$1811.10 and $1852.00 as price target

Bearish below $1740.30 with $1701.70 and $1693 as price target

Neutral Zone between: $1740.30-$1781.90

·        Key resistance is at $1782.80. Further rise will be dependent on the ability to break and trade over $1782.80.

·        Silver can fall to $1722 and $1684 in case it does not break and trade over $1782.

·        Day traders keep on booking small profits.

NYMEX CRUDE OIL (1^ST CONTRACT)  - current price $45.92

Bullish over $45.10 with 46.80 and $48.80 as price target

Bearish below $44.70 with $43.80 and $43.10 as price target

·        Crude oil needs to trade over $45.00-$45.50 zone to rise to $48.80.

·        A big sell off only below $45.00 to $43.80 and $42.20

·        A daily close below $45.50 today and tomorrow can spell doomsday for crude oil bulls.

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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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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 -- Published: Thursday, 8 June 2017 | E-Mail  | Print  | Source: GoldSeek.com

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