-- Published: Monday, 1 July 2019 | Print | Disqus
Gold and silver can fall more after the US-China meeting at G20. Gold will crash if it trades below $1390. Silver will crash if it trades below $1505. Copper and crude oil should rise today. Traders will assess the US-China trade talk. Since details are not yet made public, reaction will be limited. I do not think North Korea will have any impact on currencies or bullion.
Do not confuse that trade war between USA and China is over. Trade war will not escalate further between USA and China. This is message from G20. Huawei will buy telecom equipment from USA. How long will the trade war be calm is not known. Trump is an uncertain person to deal with. One tweet by Trump and the whole financial market turns upside down immediately.
Better to remain on the sidelines in silver as it did not participate in the rally. Silver behaved like an industrial metal. Copper can see a relief rally this week. Crude oil’s momentum is bullish.
A new quarter and new positions will be built up. If US June nonfarm payrolls comes in below 150,000 then US dollar Index will crash to $90 and below by the end of the month.
Gold investment demand on or after 10th July will be the key to continuance of bullish trend. Crude oil is fundamentally bearish.
COMEX GOLD AUGUST 2019 – current price $1396.65
· Small sell off will be there below $1390.
· Crash will be there if gold does not break and trade over $1411 or gold trades below $1390 today.
· Watch $1400. Gold can move $20-$25 either side from $1400 anytime.
MCX Silver September 2019: (previous day close/CMP Rs.38110)
· 100 day MA at 37817 is the key weekly support.
· Silver needs to trade over 37817 this week to rise to 38577 and 39126.
· Crash or bearish trend will be there if silver falls below 37817 to 37235 and 36800.
(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. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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-- Published: Monday, 1 July 2019 | E-Mail | Print | Source: GoldSeek.com