-- Published: Tuesday, 21 August 2018 | Print | Disqus
Gold and silver may have formed a short-term bottom last week. If gold and silver prices remain firm till Thursday, then fence sitting long term investors will start investing in gold. Other than the excessive bet on the US dollar as a safe haven, all the factors are bullish for gold. Trader sentiment, perception or momentum by whatever adjective which we use can change in a flash of a second.
Economics & Trump trade wars
Trump once again jumps into independence of the Federal Reserve saying that he does not like interest rate hikes by it. I will prefer to be long gold, silver and short the US dollar Index before the Jacksonhole conference.
Trader focus will be on the US-China trade meet. The US dollar could boomerang if there is any indication of just one interest rate hike at the Jackson hole central bank meeting. (a) If there is any major trend change in the US dollar, then I believe that it will be a deliberate move by the Federal Reserve. (b) If the US dollar gives any indication of moving into a medium bearish trend due to comments by Federal Reserve officials (in the Jackson hole meet), then it could lead to a currency war between China and the USA. Asian nations could love a weaker US dollar without any inflating of their energy bill.
COMEX SILVER SEPTEMBER 2018 – current price $1476.00
Bullish over $1460.00 with $1502.00 and $1539.00 as price target
Bearish below $1446.50 with $1432.50 and $1404.50 as price target
Neutral Zone between: $1446.50-$1460.00
Silver needs to trade over $1446 to rise to $1503 and $1540.
· Sellers will be there only below $1446 or in case silver does not break $1498.
MCX COPPER AUGUST 2018 – previous day close Rs.412.10
· Copper can rise to 417.70 and 423.30 by Thursday as long as it trades over 409.40.
· Sellers will be there below $409.40.
· Use a buy on sharp dips strategy with a stop loss below 400.90 for month end.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING
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
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-- Published: Tuesday, 21 August 2018 | E-Mail | Print | Source: GoldSeek.com
