-- Published: Friday, 4 August 2017 | Print | Comment
Factors which can affect markets
Gold and silver are firm, but still yet to break and trade over key technical resistances. Copper and industrial metals are going through the summer cyclicals. As long as the US dollar remains weak against the euro and yen, bullion and industrial metals will remain firm. Trump has been alienated even by his own republican party members as new probe over his business connections with Russia has started. Today and Monday could be a big day for gold and silver bulls. Either they rule or rest in peace. There is no big piece of market moving economic news after the release of US July nonfarm payrolls in August.
Gold and silver will zoom in August under (a) if market perceive that interest rate hike will move beyond the currently priced December month (b) Gold and silver are able to break and trade over $1310 and $17.10 respectively. The pace of rise and the pace of fall in metals and currency markets will be dictated more by incoming political news. History suggests that the best way to survive a throne change is by unleashing more and more wars. Rulers rule endlessly as long as threats of war is shown to the masses. Russian sanctions implies that Trump has taken lessons from history.
COMEX GOLD DECEMBER 2017 � current price $1273.80
Bullish over $1274.30 with $1281.80 and $1289.60 as price target
Bearish below $1268.40 with $1259.90 and$1252.20 as price target.
Neutral Zone between: $1268.40-$1274.30
Gold has to break and trade over $1281.80 today to rise to $1310 by next week.
There will be a sell off to $1255.60 and $1232.10 in case gold does not break and trade over $1281.80 today.
One needs to remain on the sidelines.
MCX GOLD OCTOBER 2017 � previous day close Rs.28576.
200 day moving average of Rs.28347 is the key support. Gold needs to trade over Rs.28347 till Monday to rise to Rs.29039. Sell off only below Rs.28347 to Rs.27955 and Rs.27604. There should be big 400-500 points move anytime till Monday. Jobbers watch Rs.28570 all the time.
(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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
Follow us on Twitter @insigniaconsul1
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
1080-81, Ugger Sen Street,�Somani Bhawan�
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.