-- Published: Friday, 17 August 2018 | Print | Disqus
Long term investors have started investing in gold and silver. If gold and silver trade at current prices around the close, then traders will prefer to go short for the weekend and not long. Indian demand for gold and silver will be on the higher side today before the purchase weekend. Crude oil looks bullish. Industrial metals will be very volatile.
Economics & Trump trade wars
It is not all over yet. The issue between Turkey and the USA is not all about pastor. Spying is done by nations through pastors and religious heads. The true picture will never be revealed as these are highly secret issues between nations. It remains to be seen how the trade war front develops. There is hope that China will bend and reconcile towards the USA. All the negatives are factored in by the markets. Momentum is very bullish for the greenback. Traders will prefer to go long on the US dollar as they head for the weekend.
HOW TO TRADE TODAY
· Watch for short covering in gold, silver, copper and crude oil.
· Silver will zoom if it trades over $1466.
COMEX GOLD DECEMBER 2018 – current price $1184.30
Bullish over $1172.20 with $1196.80 and $1205.70 as price target
Bearish below $1164.30 with $1146.10 and $1124.30 as price target
Neutral Zone between: $1164.30-$1172.20
· There will be another wave of sell off below $1177.30.
· Gold needs to trade over $1184 to zoom today.
· Momentum is bearish. There can be very sharp pullback rallies.
COMEX COPPER SEPTEMBER 2018 – current price $262.00
Bullish over $260.20 with $267.30 and $273.70 as price target
Bearish below $255.40 with $248.20 as price target
Neutral Zone between: $255.40-$260.20
· Copper needs to trade over $255-$256 zone till next week to rise to $282.
· Risk traders use a buy on sharp dips strategy with a stop loss below $255.
· Small sell off will be there below $260.00 today.
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, 17 August 2018 | E-Mail | Print | Source: GoldSeek.com