-- Published: Friday, 8 June 2018 | Print | Disqus
Next week is a very big week for the global financial markets due to:
1. FOMC meet on 13th June
2. Trump-Korean Leaders meet in Singapore on 12th June
3. European central bank meeting on 14th June
Plus the regular US economic data releases. Economics and geopolitics will be clashing with each other next week. The soccer world is also there next week. Some of the funds from equities and commodities will move to soccer world cup betting. The Euro will sink next week if the European central bank denies monetary shrinking for next year. Gold needs big Asian demand and/or a significant increase in geopolitical risk to try for $1400. The next two weeks are sink or rocket zoom time for gold. I will prefer to be cautious in copper, silver and industrial metals till next week.
COMEX GOLD AUGUST 2018 – current price $1300.80
Bullish over $1297.30 with $1305.10 and $1311.70 as price target
Bearish below $1290.60 with $1285.90 and $1283.80 as price target
Neutral Zone between: $1290.60-$1297.10
Jobbers aggressive buy over: Buy at $1294.30 stop loss $1285.40 for $1307.10
Jobbers aggressive sell below: Sell if gold does not break $1312.20.
· Gold will break free from the $1290-$1310 range and form a new range anytime.
· Better to remain on the sidelines today.
· Day traders use a buy on dips strategy with a strict stop loss below $1287.
· Please note that the above view is purely an intraday view.
MCX GOLD AUGUST 2018 – previous day close Rs.31193
Key resistance is at 31282. Only a break of 31282 will result in a rise to 31381 and 31569.
· Sellers will be there only below 31104.
· Yesterday the gold price rose in MCX due to a weaker rupee against the US dollar in DGCX and other global currency exchanges.
· Today also direction of the rupee (usd/inr) will be the key to gold price.
(price in Indian rupees above)
HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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-- Published: Friday, 8 June 2018 | E-Mail | Print | Source: GoldSeek.com