-- Published: Tuesday, 31 July 2018 | Print | Disqus
Big central bank meetings start now. Bank of Japan today. Reserve bank of India and FOMC tomorrow followed by a Bank of England meeting on Thursday. All these central bank meetings can have an impact on currency markets as well as the bullion markets. If the US dollar weakens further, then gold and silver will start another wave of rise. An interest rate hike by the Reserve bank of India (if any) will not have any impact on Indian gold jewelry demand.
The optimist in silver is now neutral on silver for the short term. Since returns lag gold and other investments, silver has failed to attract long term investors. In the long term, the worst case bottom should be $12.75 for spot silver. This is around eighteen percent downside and a fifty percent upside return in the next four years.
Economics & Trump trade wars
All the economic data releases from today from the USA, the UK, Japan and the Eurozone need to beat street expectation by a big margin. If this does not happen, gold will rise. Hold on to your nerves.
COMEX COPPER SEPTEMBER 2018 – current price $279.00
Bullish over $276.80 with $285.50 and $289.30 as price target
Bearish below $274.90 with $272.30-$268.60 as price target
Neutral Zone between: $274.90-$276.80
· There will be a sell off below $275.80 to $272.30 and $268.60.
· Copper needs to trade over $280 to be in intraday bullish zone.
· Anything can happen zone is between $275-$280.
MCX ZINC AUGUST 2018 – previous day close 176.00
· Key long term support is at 174.30.
· 100% retracement is at 170.70.
· Zinc needs to trade over 174.30 today to rise to 180.80-183.60 zone.
· Sellers will be there below 174.30.
· Zinc will move into a short term bearish phase only if it trades below 170.70 on or after 2nd August.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. 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
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-- Published: Tuesday, 31 July 2018 | E-Mail | Print | Source: GoldSeek.com