Gold and silver need to break and trade over $1262 and $16.64 for another wave of rise. Sell off will be there if gold does not break $1262 and silver does not break $16.64. Trend after the FOMC statement will be the key.Cautious optimism for gold and silver despite the bullish technical. Crude oil seems to have formed a short term floor around $44 while copper seems to be in the race to outperform silver and zinc.
Any reduction in Trump related risk is the only key factor that can cause precious metals to move into a short term bearish phase. I still expect an October interest rate hike by the Federal Reserve. Whereas markets are factoring in a December interest rate hike. One needs to watch for Trump related news as US economy is on a strong footing. Mild slowdown in US economy (if any) will be cyclical due to advent of American summer driving season.
Bitcoins – current price $2763.20
Trend is bullish. Bitcoin can to rise to $2856 and $2936 today as long as it trades over 2696. Sell off only below $2696 to $2612 and $2296.
(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 GOLD AUGUST 2017 – current price $1254.90
Bullish over $1248.20 with $1261.60 and $1282.90 as price target
Bearish below $1234.20 with $1226.90 and$1217.30 as price target.
Neutral Zone between: $1232.00-$1241.70
·Gold is at a critical juncture. It needs to break and trade over $1262.20 by tomorrow to rise to $1282 and $1302.
·Sell off only if gold does not break and trade over $1262.20.
MCX GOLD AUGUST 2017 – previous day close Rs.28516
Trend is bullish. Key resistance is at 200 day moving average of 28703. There will be another wave of rise only over 28703 to 29019 and 29150. There are two situations (a) Either gold breaks and trades over 28703 by Thursday for 29658 (b) In case gold does not break and trade over 28703 by Thursday, then it will fall to 200 week moving average of 28131 and 27585.
The next three trading sessions are very crucial for continuance of bullish trend of MCX gold. Those who are long in gold can use a trailing stop loss below 28274
(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 employeeshave 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)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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