-- Published: Friday, 25 August 2017 | Print | Disqus
Ganpati Bappa Moriya
Investors are cautious in gold and silver bullish bets. US budgetary woes, Jackson hole news and view has resulted in more and more fence sitters at the moment. Silver and copper comex September futures are expiring next week. Positions and rebuilding has started. Volatility will rise in silver and copper till next week. Copper has had a technical breakout and looks set for very big gains. Industrial metals are benefitting from automotive sector technology changes and lack of major slowdown news around the globe.
Next week there are market moving US economic data releases. It will be a make week or break week for the US dollar. Next week also marks the end of the European summer vacation and the American summer vacation. Trading volumes in metals, energies and currency markets will rise towards the latter half of next week. Sterling’s momentum is down, but technically oversold. One needs to look for signs of profit taking on short gbp/usd positions.
September and October could be big months for bullion markets. Partly due to the Hindu festive season in India and partly due to expectation that all major central banks could announce major policy changes. Fundamentals will be the key.
COMEX SILVER SEPTEMBER 2017 – current price $1694.90
Bullish over $1686 with $1711.20 and $1736 as price target
Bearish below $1667.00 with $1641.90 and $1619.20 as price target
Neutral Zone between: $1667.00-1686.0
· Silver needs to trade over $1680 today to rise to $1715 and $1741.
· Sell off only if silver falls below $1680 to $1669 and $1641.90.
· Better to remain on the sidelines.
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: Friday, 25 August 2017 | E-Mail | Print | Source: GoldSeek.com