The prime reason for the rise in gold is short covering apart from recession concerns. Trade war is here to stay. IMF chief Lagarde moving to lead European central bank chief is also one the possible reason. Investment demand is on the higher side with every rise in gold price. Hopefully silver will now try and catch up with the gold price rally.
Opec has expressed concerns over a weak demand. Despite weak fundamentals it wants nations to pay a higher price for energies. Opec will try its best to prevent nymex crude oil price from falling below $53.00.
Copper can fall first and then rise. US data include (a) June private ADP job numbers (b) Initial jobless claims (c) Trade balance (d) ISM non-manufacturing. US weekly crude oil inventories is also there. All the numbers can have an impact on US dollar and gold price.
COMEX GOLD AUGUST 2019 - current price $1428.65
? Key resistance till Friday is at $1455.
? There will be a technical breakout if gold manages to break and trades over $1455 to $1479 and $1496.
? Gold needs to trade over $1413-$1420 zone to be in bullish zone.
? Volatility will be high as long as gold does not break $1455. After that a one way rise to $1500+.
MCX Gold August 2019: (previous day close/CMP Rs.34448)
o Gold can rise to 35074 as long as it trades over 34210.
o Key intraday support is at 34210. Small sell off will be there below 34210.
o Crash will be there if gold does not break 35000 by Friday.
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NOTES TO THE ABOVE REPORT
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