-- Published: Monday, 6 July 2020 | Print | Disqus
Remain on the sidelines in gold, copper and crude oil till UK opens. Overall gold and silver will remain firm as coronavirus is showing no mercy to the human population. USA became a Afghanistan on its Independence Day. Violence and lawlessness is rising with in USA with passing of each day. “Black Lives Matter” is no more a peaceful protest. US dollar attracts less safe haven demand with passing of each month.
The usual supporting factors for gold are still there like (a) Thawed relations with China. (b) US presidential elections will see a greater diversified investment away from US dollar. (c) Historically high M3 money supply worldwide. Use sharp dips to buy. But remember that price corrections up to $75-$125 (if any) will be a part and parcel of the bullish trend.
Day traders and jobbers have to be a bit careful. Crude oil price is defying all fundamentals. Industrial metals and crude oil is all about momentum. Metals, energies, stocks and bond yields the trend is all bullish. Make the most of the global financial market bubble. Do not get caught in the whirlpool when it bursts.
COMEX SILVER SEPTEMBER 2020 – current price $1829.30
· Silver needs to trade over $1760 (this week) to rise to $1968.
· Silver will crash only if it trades below $1760.
COMEX COPPER SEPTEMBER 2020 – current price $274.20
· Copper needs to trade over $268 (this week) to rise to $277.60 and $283.80.
· Sellers will be there below $268.
MCX Crude oil 20th July 2020: (previous day close/CMP Rs.3016.00)
· Crude oil can rise to 3074 and 3151 as long as it trades over 2943.
· Crude oil will crash if it trades below 2943.
· Momentum is bullish. Fundamentals of crude oil is still bearish. There can be sharp two way price moves due to rupee.
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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-- Published: Monday, 6 July 2020 | E-Mail | Print | Source: GoldSeek.com