-- Published: Friday, 10 July 2020 | Print | Disqus
Traders will prefer to be long in gold and silver for the weekend. Sharp corrections (if any) should be used to go long for Monday. Crude oil should fall. Momentum for copper is very bullish.
Sharp increase in COVID cases in key states in USA this week will ensure that gold and silver rise next week too. Only risk to my view is a sustained slide in US stock markets. I had written in previous reports that July to September quarter economic growth and COVID cases is the key. It is just the beginning of the quarter and not the end. Trading and short term investing needs to done by taking a calculated risk with higher trailing stop loss.
The whole world is buying gold in all forms be it ETF, physical or futures. The mad rush to invest in gold will defy over brought technical and other technical. I see more and more pension funds investing in gold as well due to ZIRP worldwide (zero interest rate policy). . Hedge in options or spread if you trade against the herd and short sell gold.
COMEX GOLD AUGUST 2020 – current price $1805.70
· Gold needs to trade over $1785-$1790 till Monday to rise to $1854.
· Sellers will be there if gold trades below $1790.
· Corrections upto $1750 are a part and parcel of the bullish trend.
MCX GOLD AUGUST – current price Rs.48866
· Gold needs to trade over 48600 to rise to 49551 and 49932
· Sellers will be there below 48600and crash till Monday if 49450 is not broken.
· Remain on the sidelines today.
(prices 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
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: Friday, 10 July 2020 | E-Mail | Print | Source: GoldSeek.com