-- Published: Thursday, 8 August 2019 | Print | Disqus
Gold is over brought and needs to break and trade over $1540 to start another wave of rise. Silver has a massive technical congestion between $1730-$1775. Silver needs to break and trade over $1730-$1775 zone for the rest of the month to rise to $1932 and $2100. Chances of sharp correction will be very high as long as silver does not break $1775. One step at a time for silver bulls. One should use sharp correction in silver (if any) to invest for the year end. Nickel looks headed for $20,000 by end of the quarter. Copper is bullish. Crude oil is in a neutral zone. This is summary.
Key US economic data releases starts to trickle to today. The current pace of rise gold cannot continue for long. There has to be sharp correction for gold to rise to $1700. Ultimate stop for gold is at $1700 before the end of the quarter. Corrections up to $1450 should be used to invest for the year end.
For gold and silver to correct, focus should shift to economic news and economy from trade war and recession theme. Trump wants Federal Reserve to cut interest rates at a quicker pace. US dollar Index is on the verge of forming a medium term top in August.
COMEX GOLD DECEMBER 2019 – current price $1513.90
· Gold needs to trade over $1496-$1505 zone to rise to $1532 and $1556.
· Crash or sell off will be there below $1503 or gold does not break and trade over $1532.
COMEX SILVER SEPTEMBER 2019 – current price $1715.50
· Big resistance zone is between $1730-$1770 zone.
· Silver needs to trade over $1680 on daily closing basis till Monday to be in short term bullish zone.
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, 8 August 2019 | E-Mail | Print | Source: GoldSeek.com