Gold and silver will break free from the recent consolidation phase and form a new range soon. There will be buyers on dips as long as gold trades over the $1196-$1204 zone and silver trades over the $1490-$1510 zone. I am bearish on crude oil on fundamentals. All the trade war related negative news will result in businesses curtailing their expansion plans; there will be less jobs created worldwide. I will not be surprised on layoffs in sectors affected by a trade war. Crude oil demand will be the first one to be affected as (a) people spend on necessities (b) people and corporates cut down on travel.
The next three days till Monday is very crucial for crude oil. It needs to trade over $64.40 to prevent a sell off to $58.10. However if crude oil manages to trade over $64.40 till Monday, then chances of a pullback rally to $72.20/$75 will be very high.
Economics & Trump trade wars
The producer price index numbers today and tomorrow's consumer price index numbers will once again confirm two more interest rate hikes this year. The US dollar will get ripped apart if there is any indication of just one more interest rate hike this year.
One should trade for small profits.
COMEX SILVER SEPTEMBER 2018 - current price $1547.00
Bullish over $1535.00 with $1564.00 and $1579.00 as price target
Bearish below $1524.00 with $1516.50 and $1498.50 as price target
Neutral Zone between: $1524-$1535.00
?,? Silver will break free from the $1520-$1570 wide trading range and form a new range anytime soon.
? Sellers will be there only below $1525 today.
? Risk traders use a buy on dips strategy with a stop loss below $1512.
MCX COPPER AUGUST 2018 - previous day close Rs.418.00
? Copper can rise to 427.20 and 434.60 by next week as long as it trades over the 411-413.40 zone.
? Sellers will be there below 411 only.
? A daily close over 422.60 today and tomorrow will be very bullish for copper for the rest of the month.
(prices 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.
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NOTES TO THE ABOVE REPORT
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