-- Published: Friday, 29 May 2020 | Print | Disqus
Last day of the month. Just trade in the technical. Trump and China news will affect markets today. Economy will be on focus from next week. Nations have started opening from May month. Next week will tell us whether over optimism has been factored in by current stock rise and crude oil. Silver and copper are bullish. Nickel will break free from the recent consolidation phase and form a new range.
Euro/usd has broken all key technical resistance. Euro/usd if it manages to trade over 1.1000 in June will rise to 1.1411 and 1.1760 in the next three weeks. Eurozone has recovered from COVID. The worst suffer Italy has nearly recovered. Fundamentally Euro should rise in June. Bundesliga soccer league in has restarted in Germany. Tourism and rest of the sports will open up by middle of June. If the US dollar Index remains below 98 till 11th June then chances of 92 and 87 will be very high by early August.
I am also bullish on UK pound. Worst of COVID is over for UK. Only internal political squabbles can cause a crash. Cable can rise to 1.2737 and more in June as long as it trades over 1.1955.
A weaker US dollar in June should result in gold prices easily breaking past $1800. Silver gets the best chance to break past $2000 in the next two weeks. Low risk traders trade very carefully and invest very carefully till 11th June.
June will be a black and white trading zone. Trend till 15th June can reverse from 16th June in bullion, industrial metals and US dollar Index.
COMEX GOLD AUGUST 2020 – current price $1732.10
· Gold needs to trade over $1720 to rise to $1757.10.
· Sellers will be there below $1720 and crash below $1714.
· Corrections upto $1700 (if any) are a part of the bullish trend and should be used to go long.
MCX GOLD AUGUST 2020 – current price Rs.46683
· Gold can rise to 47026 and 47302 today as long as it trades over 46242.
· Support: 46493
· Resistance: 46744-46900.
· Gold will rise very quickly if it trades over 46900 today.
(prices are 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: Friday, 29 May 2020 | E-Mail | Print | Source: GoldSeek.com