Wednesday, July 10, 2019
TIME: 21:00 pm IST
METALS WRAP UP BEFORE WE CLOSE
June interest rate cut is a done deal now. Gold and silver rose as result. US dollar has not significantly weakened after the released press notes on semi-annual testimony of the Federal Reserve chairman. Traders it seems are waiting for Fed minutes for any surprises.
The next four days trend is very crucial for all metals and energies. If they till Monday then new multi-year high will be there in precious metals. Crude oil prices are all about momentum with zero fundamentals.
Copper and crude oil are bullish. But they face key resistance of $270.10 and $60.40.
In my view MCX natural gas July has bottomed out and looks headed for Rs.196-Rs.200 zone. I prefer to invest in NG September with a stop loss below Rs.135 for Rs.230 for end September.
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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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