Weaker Asian currencies have resulted in gold and silver prices not falling by much. As long as the physical gold price in India does not fall below Rs.30500 per ten grams for 22carat purity, downside risk will be limited. I do not foresee the physical gold price falling below Rs.30500 per ten grams for 22carat purity till Diwali. The Indian rupee has to gain against the US dollar significantly for Indian physical gold price to fall below Rs.30500. Gold prices have not fallen in India or Asia. Demand will be there when prices fall. Gold investors in Asia are sitting on cash. They are tracking daily gold price movement. They will invest in gold on any signs of a trend reversal.
I am a long term silver bull. I intend to use the current fall in Indian silver prices to invest in silver. However I will hedge the rupee portion by selling rupee futures whenever there is an indication that the rupee has formed a short term top against the US dollar.
Economics & Trump trade wars
Focus continues to be Chinese retaliation on the Trump Trade war. It is a wait and watch time. The Bank of England meeting tomorrow will be the key to currency traders. The fall in global stock markets and gains in the US dollar are just a knee jerk reaction.
COMEX SILVER JULY 2018 - current price $1633.00
Bullish over $1622.00 with $1660.00 and $1703.00 as price target
Bearish below $1617.00 with $1602 and $1586.00 as price target
Neutral Zone between: $1617-$1622.00
?,? The region between $1600-$1617-$1630 zone is an anything can happen zone. Short sellers need to trade very carefully between this zone as there can be a very sharp rise if the price zone holds.
? Price moves will be big.
MCX COPPER JUNE 2018 - previous day close Rs.458.90
? 100 day moving average at Rs.455.10 is the key support.
? Copper needs to trade over 100day MA to rise/prevent a sell off.
? Trend is down.
? Intraday bullish trend will be there if and only if copper manages to trade over 462.10 to 469 and 477.
(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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