-- Published: Friday, 24 July 2020 | Print | Disqus
Momentum is very bullish for gold and silver. Look for signs of weekly profit taking. If gold and silver do not see any weekly profit taking then chances of $1934.40 and $2425 will be very high today.
Federal Reserve is Protecting the American brokers by broadened access to three of its lending facilities designed to provide a credit backstop to firms hurt in the coronavirus crisis, allowing broker dealers that meet certain minimums to participate. Our View: This move by the Federal Reserve is an indirect measure to prevent US stock markets from moving into a bearish zone. Corrections (if any) in US stock markets will be limited. Gold will rise on overall basis as a result of this move by Federal Reserve. Correction will be there. It may not be a one way price rally in gold.
Chinese warning of retaliation over forced closure of embassy in USA has already been factored in by the markets. I do not expect any impact as of now. US and China need each other in the current pandemic situation. USA needs cheap Chinese goods to prevent inflation from being unmanageable. Factories cannot be started in USA overnight at cost around Chinese. All the war will be on paper. Fear and uncertainty will hang. Chinese uncertainty on trade war and diplomatic row will result in traders sitting on cash temporarily or make short term investment in gold and silver.
Next week is FOMC meet. Mars will be next destination for gold and silver if they continue to rise after FOMC meet next week.
COMEX GOLD AUGUST 2020 – current price $1886.10
· Gold has to trade over $1860-$1870 zone to rise to $1905.50 and $1947.10.
· Sellers will be there below $1880 and crash below $1870 today.
MCX SILVER SEPTEMBER 2020 – current price Rs.61423.00.
· There a mini double top around Rs.62400 (yesterday’s high) on the intraday charts.
· Silver has to break and trade over Rs.62400 today to rise to Rs.63390 and Rs.64551.
· Key intraday support is at Rs.60151. Silver will crash if it trades below Rs.60151.
· Momentum and trend is very bullish. Silver does not rise over Rs.8000 every week. Look for signs of correction in USA session.
(prices in Indian rupees above)
COMEX COPPER SEPTEMBER 2020 – current price $290.22
· Copper needs to trade over $285-$287 zone to rise to $300.30
· Sellers will be there below $290.30 and crash below $285.70.
Have a great weekend. Hope everyone has made super profit in a historical week.
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
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
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-- Published: Friday, 24 July 2020 | E-Mail | Print | Source: GoldSeek.com
