-- Published: Tuesday, 6 August 2019 | Print | Disqus
After the release of US July nonfarm payrolls, I thought I will be an easy week to trade and invest. Continuous flow of news like branding China a currency manipulator will only increase volatility. There is now no reason for crude oil to rise. Chinese slowdown and India slowdown should result in demand led price fall. To me crude oil prices should fall fifteen percent at least in the short term.
USA has declared China a “currency manipulator”. China’s offshore yuan fell to an all-time low. The currency wars has just started. Gold will continue to rise. Trend for gold and silver is bullish. Industrial metals can fall more if currency wars increase slowdown.
Gold and crypto currencies are the best hedge against a slowdown. The US dollar is losing its value as the best hedge against a slowdown. Silver will catch sooner than later.
Momentum for gold and silver is very bullish.
COMEX GOLD DECEMBER 2019 – current price $1479.50
· There is a big resistance between $1485-$1500. A break of this zone will result in $1700 in the short term.
· Overall gold is bullish as long as it trades over $1440 in the short term.
MCX Gold October 2019: (previous day close/CMP Rs.37345)
· Gold needs to trade over 36930 to rise to 37601 and 37977.
· Sell off will be there below 36930.
· Over brought. Sharp correction of 600-700 can happen anytime if the Indian rupee pares some of it yesterday’s losses against the US dollar.
(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: Tuesday, 6 August 2019 | E-Mail | Print | Source: GoldSeek.com