Tuesday, July 9, 2019
TIME: 21:00 pm IST
METALS WRAP UP BEFORE WE CLOSE
Traders are waiting for Federal Reserve chairman’s semi annual testimony tomorrow. Gold fell on a combination of factors like (a) Strong US dollar. US dollar Index is trading over 97.00. (b) Profit taking on long positions. (c) Uncertainty over pace of interest rate cuts for the rest of the year.
Guidance on interest rate cuts by the Federal Reserve chairman tomorrow will set the trend in gold, silver and US dollar Index for the rest of the month. If Powell adopts middle of road path and leave interest rate cuts to data dependent, then gold and silver will sell off first and then rise.
Copper September key support is at $260.00. Sell off will be there (till tomorrow) if copper trades below $260.00 to $256.80 and $253.90. .
Nymex crude oil is bullish as long as it trades over $57.00 with $58.50 as key resistance.
MCX Copper July will crash only if it trades below Rs.430.00. Trend is down for copper at the moment. MCX Zinc July key support till tomorrow is at Rs.188.90. I am bullish in nickel for tomorrow. MCX Natural Gas is bullish as long as it trades over Rs.158-Rs.160 zone.
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. Prepared by Chintan Karnani
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