Gold and silver will remain firm on developments in USA. Copper is on the verge of a big technical breakout. Crude oil is bullish. OPEC has decided to continue with production cuts. If India had faced a similar mass arson then global leaders would have condemned India with "secularism is at risk" slogan. The arsonists would have been divided between religion, caste and creed. USA's NATO allies adopts double standards. Trump and all American politicians should have been ripped apart for the deft handling of arsonist and racism in USA. Gold and silver will trade with an overall bullish bias till the USA presidential elections. #blacklivesmatter and other forms of mass unrest will affect every country and not limited to USA. It will spread the way #yellowvestprotestors have spread its wings all over Eurozone and even in UK.
Gold investment demand will rise with every passing week. China and its relationship with the rest of the world will be positive for gold. China worsening relations with most nations should continue for a year. A new president in USA will not bring any long term positive change on NATO-China trade relations. It is still the right time to convert all your long term cash savings into gold. Gold at $1740 is cheap.
Corrections or profit booking in gold can be there before the release of US May private ADP jobs numbers. Use the correction to go long with a stop loss below $1695 for spot gold.
COMEX SILVER JULY 2020 - current price $1876.20
? Silver can rise to $1998 today as long as it trades over $1845.
? Corrections upto $1830 (if any) should be used to go long.
MCX SILVER JULY 2020 - current price Rs.50587
? Silver needs to trade over 49613 today to rise to 51918.
? Silver needs to trade over 49613 to be in short term bearish trend.
(prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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