Wednesday, July 17, 2019
TIME: 21:15 pm IST
METALS WRAP UP BEFORE WE CLOSE
Gold rose today on short covering as it managed to trade over $1400. Silver had a technical breakout on a break of $1576. Copper is in a neutral zone. Crude oil is bearish.
Investment demand in silver will rise if it rises till Friday close. More and more investors will prefer silver over gold is silver manages to float over current price of $1591.
A firm US dollar did not affect gold and silver. This is a good sign for prices to rise further. Investment demand in gold and silver should see a further rise till the end of the month.
What next for tomorrow?
Comex Gold FOR SUBSCRIBERS
MCX Gold August: FOR SUBSCRIBERS
MCX Silver September: FOR SUSBCRIBERS
MCX Nickel July can rise to Rs.1009.10 and Rs.1034.60 as long as it trades over Rs.969.00. A daily close over Rs.969 today and open over Rs.969 tomorrow will be very bullish for Nickel tomorrow.
MCX Crude oil looks bearish and can fall to Rs.3905 and Rs.3826 as long as it does not break Rs.4022.
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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