-- Published: Monday, 24 July 2017 | Print | Disqus
News will be the key. Traders and short term investors should be very careful over the next two weeks. There is lot of economic news as well as political news which can result in prices zooming one day and nosediving the next. Day traders should also trade very carefully on days when prices range trade.
Gold and silver will continue to rise as long as problems with Trump persist. FOMC meet along with other US economic data releases this week can result in a correction but may not move them into a short term bearish phase. I see renewed interest in traders to go for short US dollar and long bullion. Industrial metals also rose due to US dollar weakness.
There is no FOMC meet in August. US economic data releases from next week till September’s FOMC meet will decide the number of interest rate hikes this year and in the first quarter of next year. The health of the US economy is the key. Every fortnight the trend of metals, energies and currency markets are changing. Traders need to trade carefully. This ever changing trend has also confused medium term investors. However the good thing is that investors are not selling any metal or energy which is fundamentally strong like copper. Strong fundamental paves the way for a big medium term rally. Investors should look for fundamentally investment avenues in stocks, metals, energies or bonds etc to invest for the long term.
Bitcoins – current price $2772
Trend is bullish. Bitcoin can to rise to $3131 this week as long as it trades over the $2497-$2615 zone. Sell off only below $2497.
(Please Note: I am not an expert in bitcoins. I am just giving the technical view. In India bitcoins is not officially recognized as such the Indians should ignore the view. Intraday volatility is very high. Low risk traders should avoid bitcoins even in their dreams. )
COMEX SILVER SEPTEMBER 2017 – current price $1643.80
Bullish over $1649 with $1675.50 and $1713.90 as price target
Bearish below $1621.50 with $1611 and $1582.50 as price target
Neutral Zone between: $1621.50-$1649
· Silver can rise to $1704.70 and $1771.70 this week as long as it trades over $1621.50.
· Sellers will be there under any of the two conditions (a) Silver trades below $1621.50 (b) Silver does not break $1675.20 this week.
· Today one needs to trade very carefully despite the bullish trend.
MCX SILVER SEPTEMBER 2017 – Previous day close Rs.38150.
Key weekly resistance is at 38573. Key weekly support is at 37595. Silver can rise to 38573 and 39260 this week as long as it trades over 37595. Today sellers will be there under any of the two conditions (a) Silver trades below 37908 (b) silver does not break 38573.
(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, 24 July 2017 | E-Mail | Print | Source: GoldSeek.com