-- Published: Wednesday, 12 June 2019 | Print | Disqus
I am getting bullish on euro and pound. I also expect more losses for the US dollar index and gains for Asian currencies against the US dollar. A currency war can be unleashed by Trump anytime. Trump believes that nations will use currency depreciation to offset higher tariffs. The Federal Reserve will take direct and indirect measures to ensure the competitiveness of the US dollar. This implies a weaker greenback, higher bullion prices. Crude oil will be dictated in the short term by demand fundamentals and medium term by supply fundamentals. FOMC meet next week will also reflect the US dollar stance.
Gold needs to trade over $1310 for the rest of the month to be in bullish zone. Remain on the sidelines in silver. Demand side doubts is preventing crude oil from a rise. Copper is trying to rise but is in a neutral zone. Nickel could zoom anytime. The next three days very crucial for lead, zinc and nickel. If they are able to rise, then be prepared for a quick ten percent more rise.
COMEX SILVER JULY 2019 – current price $1476.20
· Silver needs to trade over $1450-$1455 zone to try and break past $1511.
· Day traders watch $1470. Silver can move $25 either side from $1470.
MCX Silver July 2019: (previous day close/CMP Rs.36735)
· Silver needs to trade over 36350-36450 zone to rise to 37100 and 37300.
· Crash will be there below 36350.
· Remain on the sidelines in silver today.
(prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Wednesday, 12 June 2019 | E-Mail | Print | Source: GoldSeek.com