Trend is bullish for gold and silver on fears of rapid spread of coronavirus in USA. June month is not yet over. One still needs to watch for some large sellers in gold as a part of the profit booking. Overall it still a buy on sharp dips strategy in gold and silver.
This week
? On Tuesday US Treasury Secretary Steven Mnuchin will speak about the stimulus and lending facilities to support the economy in the pandemic.
? This is followed by minutes of the Fed's latest rate-setting meeting on Wednesday. There is the US also the US ADP jobs numbers of Wednesday. Then the all-important
? US June nonfarm payrolls is there on Thursday.
? There are lots of European and UK economic data release as well this week.
Volatility will be very high this week. Key short term technical support/resistances can be tested this week. Crude oil will be volatile as it gets caught between higher demand in Europe and renewed shutdown on USA.
COMEX GOLD AUGUST 2020 - current price $1786.60
? Gold needs to trade over $1770 to rise to $1822.90
? Crash will be there if gold trades below $1770 to $1758 and $1737.
MCX COMEX SILVER SEPTEMBER 2020 - current price Rs.49495
? Silver needs to trade over 48938 till tomorrow to rise to 50793.
? Sell off will be there below 48938 to 47792.
? Trend is bullish at the moment.
(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
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NOTES TO THE ABOVE REPORT
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