Technical trend after the release of US June nonfarm payrolls is the key. Tomorrow's US Holiday will not have any impact on trading volumes etc. No one is sleeping in the pandemic. Fomc minutes continued to accommodative monetary stance and uncertain economic outlook. Bond yields were also looked into.
Impact on gold, silver and US dollar Index by FOMC Minutes: Jobs creation will be the key to gold, silver and US dollar. (i) Low interest rates and accommodative interest rates stance will imply that gold and silver will continue to give positive returns. (ii) US dollar Index can sink if USA makes up for the lost jobs in pandemic. Reduction in safe haven demand will be the reason. (iii) Gold and silver are above interest rate and inflation. There are lot of other factors which will ensure continued rise in gold price. However the pace of rise of gold will slow down if COVID fears
Progress of COVID, progress of COVID vaccines and COVID medicines will be one of the key factors dictating gold and silver price in July-August. Various health organization in the world are changing their view and treatment on coronavirus every now and then. Gold prices will remain firm (even if COVID reduces) unless there is no standardization in treatment of COVID.
COMEX SILVER SEPTEMBER 2020 - current price $1819.20
Bullish over $1796.00 with $1872.50 and $1923.50 as price target
? Silver needs to trade over $1767 to rise to $1962.
? Silver will crash only if it trades below $1767.
? Short term volatility will persist till $19.00-$20.00 is not broken.
? Long term investors will find silver investment highly profitable even at current prices.
MCX CRUDE OIL (July) - current price Rs.3016.00
? Crude oil needs to trade over Rs.2921 till next week to rise to Rs.3175 and Rs.3266.
? Sellers will be there below Rs.2921 to Rs.2830 and Rs.2658.
? Today crude oil needs to trade over Rs.3060 to be in intraday bullish zone.
? It is all about momentum in crude oil.
(prices are 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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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