-- Published: Thursday, 24 August 2017 | Print | Disqus
The next three days are very crucial for gold and silver. They need to break and trade over $1306 and $1740 for another wave of rise. In case they do not break $1306 and $1740, then fatigue will come up in among buyers and there can be a correction to $1257.40 and $1638.40. Technical as well as momentum is bullish. But any rise will be dependent on the ability/inability to break past key resistances.
Traders and the television media is focused on the Jackson Hole conference. Everyone expects something to be said on interest rate hikes. I do not expect any surprises from Jackson Hole. Economic assessment given by central banks chiefs need to be supported by upcoming data releases. Use trailing stop losses on sells. Do not hurry up into your trade as long as the recent consolidation in gold and silver is there. Industrial metals have higher volatility. It is better to trade in industrial metals as long as bullion consolidates.
COMEX COPPER SEPTEMBER 2017 – current price $299.60
Bullish over $294.80 with $301.50 and $303.80 as price target
Bearish below $290.10 with $287.20 and $283.60 as price target
- Copper needs to trade over $295 to rise to $303 and $311.
- Sellers will be there only below $295.0.
- A daily close over $301 today and tomorrow will be very bullish for next month.
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: Thursday, 24 August 2017 | E-Mail | Print | Source: GoldSeek.com