-- Published: Tuesday, 30 June 2020 | Print | Disqus
New gold investors or for a new long position in gold, one should wait till tomorrow. It is better to buy or go long if gold trades over $1800. I am repeating my trading ideology “It is better to wait and trade” THAN “trade and wait”. Buy just before a technical breakout with a trailing stop loss or sell just before a technical breakdown with trailing stop losses. Never worry if you made an investment in gold.
This year spot gold has risen around $21.80% as of now. It all started with Iran tension at the beginning of the year and then Coronavirus/Wuhan virus, à global lockdownà Gold mine closure à Stimulus and interest rate cuts à Near zero bond yields in USA, UK, Eurozone and the latest à fears second wave of coronavirus.
The above sequence is the key to gold price rise this year. Not to forget that investment demand in gold exchange traded funds has shown growth every month as of now. More and more people are buying physical gold. Even central banks have been net buyers of gold despite the COVID pandemic.
Remain on the sidelines today. It is difficult to predict the reaction of various economic data releases and Federal Chairman’s comments.
COMEX GOLD AUGUST 2020 – current price $1784.00
· Gold needs to trade over $1770 to rise to $1822.90
· Crash will be there if gold trades below $1770 to $1758 and $1737.
NYMEX CRUDE OIL (1st contract) - current price $39.48
· Crude oil can rise to $42.20 by tomorrow and $45.85 by next week as long as it trades over $37.70.
· Sellers will be there below $37.70.
· View till 31st July: Crude oil can rise to $45.85 and $50.40 as long as it trades over $34.80. Crude oil needs to trade over $34.80 for a few days to be in a short term bearish phase.
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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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-- Published: Tuesday, 30 June 2020 | E-Mail | Print | Source: GoldSeek.com