There will be short covering in gold if it rises today and till Thursday. In my view, most people are waiting to buy gold @1650. If gold prices manages to trade over $1700 till Thursday, then laggards will start to invest and gold price could be easily break past $1800.
Bond yields, stocks and commodities can all rise at the same time. Free money supply is the key reason. Positive economic growth will push up bond yields and stock markets. Energy stocks, pharma stocks, online sellers, technology stocks and mobile communication stocks are driving global stock markets higher. There is more temporary hiring worldwide. Global stocks markets can break new highs and yet be vulnerable to big sell offs. March lows will never be tested in history. But flash crashes in stock markets will be there every few weeks. One needs to invest in physical gold and crypto currencies to hedge against global meltdown in financial markets.
Keep on booking profit of $10-$12 per trade in gold and $30-$40 in silver. Wait for altleast thirty minutes once you closed a trade.
COMEX GOLD AUGUST 2020 - current price $1701.20
? Gold needs to trade over $1685-$1690 zone to rise to $1730.
? Sellers will be there below $1685 only to $1671 and $1647.
MCX GOLD AUGUST 2020 - current price Rs.46056.00
? Immediate support is at 45865. Gold needs to trade over 45865 to rise to 46337 and 46602.
? Sellers will be there below 45865 to 45600 and 45339.
(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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