I am bullish on gold and silver after the FOMC meet. There should be some cautious words on the US economy in the FOMC. Friday's US GDP numbers did not reflect a trade war effect. The trade war's effect on the US economy as well as the global economy will come in from September onwards. This means that US data releases from November onwards will reflect Trump tariff and trade war. There is nothing to be overtly happy about on US economic growth. It may be short lived for a few more months. From a long term perspective, if gold falls after the US senate elections are over, then I will be seriously concerned over the long term bullish trend. Even if gold prices fall another $80 to $100, long term investors in gold need not be worried. At the end of the day all global financial markets are directly or indirectly linked. They rise and fall at the same time in most days of the year. When stock markets all over the world crash, gold sees a temporary nosedive.
Econ0mics & Trump trade wars
Long term supply side pressures will support copper, nickel and other industrial metals at lower levels. A slowdown in the Chinese economy may be for a few quarters. There are more fence sitting investors in industrial metals now. After the FOMC and Nonfarm payrolls, the focus will shift to the great American mudslinging drama of the US senate elections. LME copper has a key long term support around $5730. With every fall, the chances of a sharp pullback rallies are high.
COMEX GOLD AUGUST 2018 - current price $1218.50
Bullish over $1221.10 with $1227.30 and $1233.00 as price target.
Bearish below $1215.90 with $1208.80 and $1202.20 as price target.
Neutral Zone between: $1215.90-$1221.10
? Gold needs to trade over $1215.80 to rise to $1233 and $1241.
? Trend is down.
? Crash will be there below $1215.80.
? A daily close below $1217 today should result in more losses tomorrow.
MCX Copper August 2018: (previous day close/CMP Rs.425.85)
Support: 404.10-408.30-413.90-418.60-422.30
Resistance: 433.20-437.80-447.70-457.90
? There can be very sharp two way moves.
? Copper needs to trade over 417.10 this week to rise to 440.50 and 447.60.
? Copper will crash if and only if it trades below 417.10 any day.
? Quick rise will be there if copper manages to trade over 433.30.
(The above is a weekly view and part of weekly report. 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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