Gold needs to trade over $1236 for the whole day to prevent a crash. Silver needs to trade over $15.60 to prevent a sell off. Copper needs to trade over $2.91 to prevent a sell off. Crude oil will zoom if it manages to break and trade over $75.20. Trading volumes in the USA session will reduce. Financial markets will not sleep. Volatility will remain on the higher side.
Economics & Trump trade wars
The US has moved to block China Mobile Limited from entering the US telecommunication market on national security grounds. Trade wars continue. Political issues in Germany are lending support to the US dollar. As long as the theme of trade wars continues, the trend in every financial instrument can change like a blip. Short term traders and long term traders both need to use caution. The next two weeks is very crucial for global financial markets. If there is no trend reversal in the next fourteen days then chances of a mild recession will be very high.
COMEX SILVER SEPTEMBER 2018 - current price $1588.00
Bullish over $1600.00 with $1618.20-$1640.60 and $1670.90 as price target
Bearish below $1592.50 with $1580.20 and $1564.50 as price target
?,? Silver needs to trade over $1580 to rise to $1619 and $1649.
? Silver will crash if it trades below $1580 to $1563 and $1541.
? Look for signs of a trend reversal.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $74.53
Bullish over $73.70 with $75.20 and $77.40 as price target
Bearish below $72.60 with $71.10 and $69.60 as price target
Trading strategy: Sell at $75.00 stop loss $77.80 for $69.60
? Only a break of $75.20 will trigger a rise to $77.40 and $79.00
? Crude oil can rise first and then fall.
MCX GOLD AUGUST 2018 - previous day close Rs.30289
? Key support is at 30241.
? There will be a sell off below 30241 to 30050 and 29814.
? Trend is down. Gold needs to trade over 30342 today to be in a bullish zone.
? A daily close below 30196 today will be very bearish for gold for the rest of the week.
? Tomorrow USA is closed.
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employee 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. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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