Physical demand for gold and silver was there in India and Asia yesterday and should continue for the rest of the week. There has been a very sharp reversal in prices of gold and silver (from the August lows) in Asia due to a very weak currencies. Trend reversal always attract short term traders and long term investors alike.
Economics & Trump trade wars
The US induced trade war and its impact on global financial markets will be the key. Traders will take positions for Thursday's US August private ADP numbers and Friday's US August nonfarm payrolls. Every US economic data release today and tomorrow can also affect currencies and precious metals. The trend in currency markets, precious metals and industrial metals can change like a magic wand. Long term investors in gold and silver need not worry. Day traders and jobbers need to be extra careful as high stop losses can be hit on a bad day for you. Trade only if you are sitting on the screen.
A September interest rate hike by the Federal Reserve has been more or less factored in by the markets. If this week's US economic data releases give even the minutest hints of a delay in September's interest rate hike, then gold will rise to $1310 and silver will rise to $1737 anytime. The US dollar Index will fall $92 and below. This is just an extreme case possibility. But under Trump anything can happen.
COMEX SILVER DECEMBER 2018 - current price $1454.00
Bullish over $1450.00 with $1488.00 and $1514.00 as price target
Bearish below $1439.50 with $1428.50 and $1416.50 as price target
Neutral Zone between: $1439.50-$1450.00
Jobbers aggressive buy over: Buy at $1440 strict stop loss $1419.50 for $1509 - call till Wednesday.
Jobbers sell below: Sell if silver trades below $1440 after London opens stop loss $1457 for $1422 and $1409.
? Silver needs to trade over $1420-$1430 zone today to rise to $1496.
? Remain on the sidelines at current price.
? Small sell off will be there below $1450.
Silver December 2018: (previous day close/CMP Rs.37624)
Bullish over 37415 with 37922 and 38219 as price target
Bearish below 37255 with 37030 and 36761 as price target
One Support: 37484
One Resistance: 37764
? Silver can rise to 38219 today as long as it 37327.
? Sellers will be there only below 37327.
(Prices are 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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