-- Published: Friday, 9 June 2017 | Print | Disqus
It will be either boom or bust for gold, silver and crude oil in the next one week. By next Friday either bulls or bears will rest in peace. There will be nothing in between. Short term key technical supports need to be upheld to test medium term resistances. Key supports for gold, silver and crude oil are $1262, $1698 and $44.30 they need to trade over these prices to continue their bullish zone.
UK elections are over. It is impact can be felt till Monday. There after traders will position themselves for FOMC meet. A hung UK parliament can result in postponement of interest rate hike by the Federal Reserve as they will prefer to reduce currency market volatility.
Ousted FBI chief James Comey and President Donald Trump accused each other of lying about their private encounters in the wake of dramatic Senate testimony that centered on whether the president sought to quash part of a federal probe into Russian meddling in the 2016 election. In short, Clintons and Obama are still trying their best to ensure that Trump is not able to work and he gets impeached. Gold and other safe havens will benefit from the same.
I will prefer to remain on the sidelines till the UK election results are out and then decide on trading strategy. As long as strikes continues in the world’s second largest copper mine in Indonesia, copper prices will remain firm.
MCX GOLD AUGUST 2017 – prices in Indian Rupees below
200 day moving average around 29061 is the key support. Trend is down. Gold needs to trade over 29061 today to prevent a fall to 28823 and 28696. Bullish trend reversal only gold manages to break and trade over 29205.
MCX CRUDE OIL JUNE – prices in Indian Rupees below
200 month moving average is at 2892. Crude oil needs to trade over 2892 for the rest of the month to rise to 3256. There will be another wave of sell off only below 2892 to 2831 and 2732. Intraday trend is down but short sellers need to trade very carefully as long as crude oil does not fall below 2892.
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
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-- Published: Friday, 9 June 2017 | E-Mail | Print | Source: GoldSeek.com
