-- Published: Thursday, 1 August 2019 | Print | Disqus
Gold and silver fell after the Federal Reserve stance on interest rate cut. There can be more fall today and tomorrow as well. Friday’s US July nonfarm payrolls needs to come in below 100,000 for gold and silver bulls to revive. For now gold and silver bears have an upper edge.
Traders and markets were way ahead on interest rate cut stance. The Federal Reserve chairman muted all those who were hyper on extreme interest rate cut outlook. Powell said that the Federal Reserve will not start a cycle of interest rate cuts. Markets are now expecting one more interest rate cut in the final quarter of the year.
It will be a combination of fundamental trade as well as technical. Every US economic data releases will checked for growth and its effect on interest rates. Physical buyers and new investors of gold will be waiting till tomorrow to decide on their investment strategy.
Use sharp fall till Monday to invest for the year end. Central bank buying, lack of faith in the US dollar among central banks and de dollarization are among the other positive factors which will prevent gold prices from falling below $1300 for the rest of the year.
COMEX GOLD DECEMBER 2019 – current price $1418.50
Bullish over $1428.80 with $1438.40 and $1452.70 as price target
Bearish below $1413.80 with $1396.30 and $1378.40 as price target.
· Gold can fall to $1396 and $1378 as long as it trades below $1436.70.
· Gold needs a daily close over $1407 till Monday to be in short term bullish zone.
COMEX SILVER SEPTEMBER 2019 – current price $1618.30
Bullish over $1648.80 with $1668.80 and $1696.00 as price target
Bearish below $1625.50 with $1601.80 and $1556.00 as price target
· There a double top at $1669. Silver can fall to $1590.70 and $1553.70 as long as it trades below $1669.
· Crash will be there if silver trades below $1602.40.
NYMEX CRUDE OIL (JULY 2019) - current price $57.86
Bullish over $58.30 with $59.40 and $60.40 as price target
Bearish below $57.00 with $56.00 and $54.40 as price target
· Crude oil needs to trade over $57.00 to rise to $58.60 and $59.90.
· Crash will be there below $57.00.
COMEX COPPER JULY 2019 – current price $265.80
Bullish over $268.50 with $273.60 and $278.10 as price target
Bearish below $264.70 with $260.90 and $257.10 as price target
· Key long term support is at $264.70.
· Crash will be there below $264.70.
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: Thursday, 1 August 2019 | E-Mail | Print | Source: GoldSeek.com
