Use a buy on sharp dips strategy today in gold and silver for next week. Traders will start taking positions for third quarter. I am bullish on gold and silver in July to September period. Only crashing risk (to gold price) is US June nonfarm payrolls on 3rd July comes in positive.
4th July, American Independence day will start the US summer holiday which will end on second week of September. COVID cases in USA 4th July to 14th September will be the key stock prices and gold prices as well. Big summer driving season in USA. Let's hope that second wave of coronavirus in USA does not happen in this period. Cautious optimism in global stock markets. Gold price will break past $2100 in July to September quarter if there USA and Europe experiences second wave of corona virus in their summer.
Day traders and jobbers trade very carefully. Crude oil and copper are bullish at the moment.
COMEX GOLD AUGUST 2020 - current price $1735.00
? Gold needs to trade over $1715 till Monday to rise to $1755 and $1783.
? Crash will be there only if gold price trades below $1715.
MCX GOLD AUGUST 2020 - current price Rs.47380.00
? Gold needs to trade over 47110 to rise to 47680 and 48038.
? Sellers will be there below 47110.
? Key support till next week is at 46895. Gold will crash only if it trades below 46895.
(Prices are 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
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NOTES TO THE ABOVE REPORT
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