Three things/events/economic data which can affect gold and silver till next week.
1. European Central bank meeting tomorrow.
2. US GDP numbers on Friday.
3. US-China trade talks.
I do not think FOMC meet will have any impact on metals, energies or the US dollar Index. Interest rate cut has been factored in by the market.
Gold and silver short-term investors need to closely look to upcoming US-China trade talk. So far it was the false wolf cry. Gold and silver will nosedive if the "wolf" of trade peace between US-China happens. Watch closely the US-China trade talks. Gold can fall to $1357 if there is trade deal between USA and China. Silver will fall to $1541 if there is a US-China trade deal. This is just the only of the bearish trend scenario for gold and silver.
US GDP numbers can have far reaching impact on gold, silver and the US dollar Index. Price moves after the US GDP numbers will be far greater than the FOMC. In fact prices price moves in currency markets and metals can be a damn squib (after the FOMC) if the US GDP numbers has some serious surprises.
I am ignoring the European central bank meeting and will prefer to trade in the technical till the ECB meet tomorrow.
COMEX GOLD AUGUST 2019 - current price $1421.40
? Trend is neutral.
? Sell off will be there if gold trades below $1413 or gold does not break $1436 by tomorrow.
? Remain on the sidelines today.
MCX Gold August 2019: (previous day close/CMP Rs.35019)
? Gold will break free from 34850-35200 range and form a new range anytime.
? Be prepared for 250-300 one way move anytime.
? Corrections upto Rs.34673 will be a part and parcel of the bull rally.
? I am against new short term long position unless gold breaks trades over Rs.35589 with some trailing stop loss.
(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
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.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us on Twitter @insigniaconsul1
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
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: telegram/whatsapp 9311139549
(10:30 am to 5:30 pm Indian time, Monday to Friday)