Gold, silver, copper and crude oil are all very bullish. Gold can rise to $1800+ by tomorrow if the rise continues. Silver can break past $20.00+ if the rise continues. Crude oil will if it floats over $30.00 this week will rise to $37.60 and more. Copper is bullish as long as it trades over $228.
Speculation of negative interest rates by the bank of England will only increase the pace of rise of gold. Trade war between USA and China is also adding fuel to the fire of bullish gold price and bullish silver price.
When will gold price's correct? If and when there is enough evidence that second round effect of COVID will not be there, gold prices will fall. (Earliest evidence will be there only after two months). However if gold prices rise to $2250 first and then fall to say $1870, then it will be a small correction and nothing else.
COMEX SILVER JULY 2020 - current price $1755.60
? Silver can rise to $1871.00 and $1946 as long as it trade over $1707.
? Sellers will be there only below $1707.
MCX SILVER JULY 2020 - current price Rs.48070
? Silver can rise to 50522 and 55224 in the next three weeks as long as it trades over 45265.
? Corrections upto 45265 will be a part of the technical bullish trend.
? Short term bullish trend reversal will be there only if silver does not break and trade over 49796 by 31st May.
(prices are in Indian rupees above)
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific 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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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