-- Published: Friday, 21 June 2019 | Print | Disqus
Apart from the technical, Iranian issue is also contributing to gold’s rise. Momentum is bullish for gold and crude oil. Silver has a lot of potential to rise IF it tries to play catch up with gold. China is trying to mediate for a denuclearization of the Korean peninsula. Developments in Korea will not have any effect on gold or currency markets.
One should look for signs of profit taking before the weekend. If gold, silver and crude oil do not see any significant weekend profit taking today then chances of $1448/$1487 and $1663 will be very high by Monday.
Focus will now shift to next weekend’s US-China trade talks. A deal can result in a sharp correction in gold and silver. Gold investment demand will zoom if gold continues to rise till Monday.
COMEX GOLD AUGUST 2019 – current price $1410.85
· Gold needs to trade over $1400-$1405 zone to rise to $1433 and $1456.
· Key support till next week is at $1378.
· Small sell off will be there below $1395.
· Gold will zoom if it trades over initial resistance at $1416.40.
· A daily close over $1378 today should be very bullish for next week.
MCX Gold August 2019: (previous day close/CMP Rs.34026)
· Key resistance till next week is at 34549.
· Overall trend is bullish as long as gold trades over 34031 BUT only a break of 34549 will trigger another wave of rise to 35074.
· Sellers will be if gold does not break 34549 by Monday or gold trades below 34031.
(prices in Indian rupees above)
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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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-- Published: Friday, 21 June 2019 | E-Mail | Print | Source: GoldSeek.com