There was massive short covering in yesterday's gold rise. Yen crashed against the US dollar while gold rose. This is safe haven demand is nothing else. Trump said that he will impose additional ten percent tariff on the remaining $300 billion Chinese imports from September 1. There is recession fears and more global trade war fears. Gold is bound to rise more. Chinese retaliatory action will be closely watched. Trump and his trade war with other nations will also be an issue. Gold is getting the benefit of safe haven demand.
US July non-farm payrolls will not have any significant impact on gold and silver in light of trade war. There will be all kinds of investors in dips in gold and silver. Intraday volatility will rise.
COMEX SILVER SEPTEMBER 2019 - current price $1619.80
? Silver needs to trade over $1605 to rise to $1669 and $1700.
? Sell off will be there below $1605 with $1566 as key long term support.
? Better to remain on the sidelines.
MCX Gold October 2019: (previous day close/CMP Rs.35800)
? Gold needs to trade over 35400-35500 zone to rise to 36123 and 36550.
? Crash will be there below 35400 only.
(Prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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