Thursday, July 18, 2019
TIME: 21:06 pm IST
METALS WRAP UP BEFORE WE CLOSE
Gold and silver are looking bullish at the moment. Gold fell from the high’s in Asia and thereafter pared it’s losses in USA session. Silver managing to trade over $1610 is a positive sign. Crude oil has had a technical breakdown. Copper is flat.
There was no major market moving news today. It was just a momentum trade. Fundamentals are bearish for crude oil and natural gas.
Delinking of gold and silver from the US dollar can result in more gains for them.
What next for tomorrow?
There will be position squaring and rebuilding for next week till tomorrow. Physical investors of gold and silver will FOR SUBSCRIBERS
Comex Gold FOR SUBSCRIBERS
Zinc, Natural gas are bearish form tomorrow. Nickel if it rises till tomorrow Asian session can rise another five percent from current price. Lead is neutral.
MCX Gold August: FOR SUBSCRIBERS
MCX Silver September: FOR SUBSCRIBERS
MCX Crude oil July (ending tomorrow) is bearish as long as it trades below Rs.3856 with Rs.3725 and Rs.3594 as price target. Crude oil needs to trade over Rs.3856 to be in bullish zone.
MCX Zinc July will crash if it trades below Rs.191.70 to be in bullish zone or prevent a sell off.
MCX Natural Gas July has a key support of 153.10 till tomorrow.
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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