-- Published: Wednesday, 3 July 2019 | Print | Disqus
The prime reason for the rise in gold is short covering apart from recession concerns. Trade war is here to stay. IMF chief Lagarde moving to lead European central bank chief is also one the possible reason. Investment demand is on the higher side with every rise in gold price. Hopefully silver will now try and catch up with the gold price rally.
Opec has expressed concerns over a weak demand. Despite weak fundamentals it wants nations to pay a higher price for energies. Opec will try its best to prevent nymex crude oil price from falling below $53.00.
Copper can fall first and then rise. US data include (a) June private ADP job numbers (b) Initial jobless claims (c) Trade balance (d) ISM non-manufacturing. US weekly crude oil inventories is also there. All the numbers can have an impact on US dollar and gold price.
COMEX GOLD AUGUST 2019 – current price $1428.65
· Key resistance till Friday is at $1455.
· There will be a technical breakout if gold manages to break and trades over $1455 to $1479 and $1496.
· Gold needs to trade over $1413-$1420 zone to be in bullish zone.
· Volatility will be high as long as gold does not break $1455. After that a one way rise to $1500+.
MCX Gold August 2019: (previous day close/CMP Rs.34448)
o Gold can rise to 35074 as long as it trades over 34210.
o Key intraday support is at 34210. Small sell off will be there below 34210.
o Crash will be there if gold does not break 35000 by Friday.
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
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.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us on Twitter @insigniaconsul1
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
You can also mail your queries at email@example.com
Chat Id: telegram/whatsapp 9311139549 (10:30 am to 5:30 pm Indian time, Monday to Friday)
| Digg This Article
-- Published: Wednesday, 3 July 2019 | E-Mail | Print | Source: GoldSeek.com