Gold needs to trade over $1339-$1345 zone to start another wave of rise. Chances of correction will be high as long as gold does not break this zone. Silver needs to fall below $1445 or break and trade over $1492 for direction. Momentum is down for silver. Copper can see a temporary rise. Crude oil can fall first and then rise.
Trend is still down for gold and silver. Buyers and investors will be absent. Gold and silver need to show serious conviction of a rise to attract bulls and short term traders. Despite all the central bank buying and extremely positive factors gold has been not able to encash on the same.
Trade war is here to stay. There will be profit booking and short selling in gold as long as gold price does not break $1370-$1380 zone. Silver will find sellers on rise as long as it does not break $1520. Silver needs to trade over $1520 for a short squeeze.
COMEX GOLD AUGUST 2019 - current price $1332.95
? Crash will be there if gold trades below $1325
? Gold needs to trade over $1340-$1345 zone to attract short covering.
? Trading range is $1311-$1325-$1349.
NYMEX CRUDE OIL (JUNE 2019) - current price $53.47
? Crude oil can rise to $56.00 and $59.00 as long as it trades over $52.00.
? Quick rise will be there over $54.70.
? Small sell off will be there below $53.00.
? Crude oil needs a daily close over $54.00 today and tomorrow to try and target $60.00.
COMEX COPPER JULY 2019 - current price $267.30
? Copper needs to trade over $265-$267 zone to rise to $270.30 and $277.10.
? Crash will be there only below $264.
? The next two days are very crucial for copper. It needs to rise to starts its bullish trend again.
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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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