The US dollar is firm ahead of the FOMC meet next week. The European political crisis is partly to blame for the US dollar's gain. Big moves in gold and silver or energy space will be there from Thursday as short term traders prepare for FOMC. Over the past five years, I have seen gold demand in India rising sharply around the end of "Ramzan Eid". The same is applicable to other nations where the Muslim population is huge. I have also seen demand for consumer durables like vehicles zooming towards the end of "Ramzan Eid".
US trade spats with most nations are preventing gold and silver from a fall. Right now gold fundamentals are negative. Investment demand of gold in Europe and the USA is rising on concerns that Trump is converting friends into enemies (due to trade spats) and will result in a US dollar bashing anytime.
HOW TO TRADE TODAY
? Gold needs to fall below $1289.30 or break and trade over $1305.20 for direction.
? Copper looks set to zoom.
? Silver can't predict when it will break free.
COMEX GOLD AUGUST 2018 - current price $1296.30
Bullish over $1295.10 with $1301.90 and $1305.80 as price target
Bearish below $1290.60 with $1285.90 and $1283.80 as price target.
? Gold will break free from $1290-$1310 range and form a new range anytime.
? Better to remain on the sidelines today.
? Please note that the above view is purely an intraday view.
MCX SILVER JULY 2018 - previous day close Rs.39576
? 100 day moving average around 39082 is the key support. Silver needs to trade over 39082 to rise to 40234.
? The next wave of sell off will be there only below 39082.
? Today silver needs to trade over 39330 to rise to 39898 and 40234.
? Sellers will be there below 39330.
(price in Indian rupees above)
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 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. 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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
Follow us on Twitter @insigniaconsul1
UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm pm Indian Standard Time (+5:30 GMT)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
Customer care/Whatsapp/Telegram: 9311139549
Email for queries: mcxsuretips@gmail.com