-- 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.
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 8 August 2019 | E-Mail | Print | Source: GoldSeek.com