Only covid vaccine hopes has resulted in global stock markets rising. Silver has to trade over $2020 today to rise quickly. Gold is rising from factors such as US imposing ban on certain Chinese companies due to its treatment of Muslim minorities and US presidential election drama.
UK Pound should rise after Bank of England governor said that UK has recovered half of its output lost in March-April period. This a very bullish statement on UK economy. Pound should rise to 1.3000 in the next one month, if UK economic data releases support bank of England governor's statement. A stronger Pound will prevent gold from a sharp crash.
Euro is rising against the US dollar on hopes of an agreement on a recovery fund from European Union economies hit by covid pandemic. Key long term technical resistances have to be broken for euro/usd to start its journey for a five hundred pips rise.
Trend of gold and silver on Thursday and Friday will be the key. Usual suspect of US weekly initial jobless claims and pre FOMC meet (next week) position squaring and rebuilding will add to volatility.
COMEX GOLD AUGUST 2020 - current price $1821.30
? Gold has to trade over $1805-$1810 zone to rise to $1854.
? Sellers will be there below $18010 and crash below $1795 today.
MCX GOLD AUGUST 2020 - current price Rs.49100
? Gold can rise to Rs.49545 and Rs.49838 as long as it trades over Rs.48831.
? Sellers will be there below Rs.48831.
? Trend is bullish at the moment.
(prices in Indian rupees above)
MCX SILVER SEPTEMBER 2020
Reposting the Link exclusive www.silverseek.com MCX silver futures report. The report is still very much valid. https://silverseek.com/article/mcx-silver-long-term-price-forecast
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
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