Metals Wrap Up: 8th August 2019

Insignia Consultants

New Delhi

              Thursday, 08 August 2019

            TIME 9:42AM IST                               

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METALS WRAP UP

Gold and silver are consolidating after a big rise. Silver fell but so far it was a technical correction. Interest rate cut by central banks, de-dollarization and US-China trade spat continues to theme for global financial markets.

Gold prices are still near historical highs in most currencies. Silver prices are at multi year high in most currencies. Economic data releases did not have any effect on gold or the US dollar Index. Gold investment volumes and gold trading volumes are near historical highs in most exchanges across the globe. Price rise accompanied by higher volumes is the hallmark of a big bull trend.

What next for tomorrow?

PREMIUM CONTENT ONLY FOR SUBSRIBERS.

Monday, trading volumes will be less due to Islamic festival of “Bakra Eid”. Traders will take positions for Tuesday. Most of Asia will be closed on Monday.

Comex Gold December PREMIUM CONTENT ONLY FOR SUBSRIBERS.

Comex silver September:  (a) Previous resistance of $1668 now becomes the support. Silver needs to trade over $1668 to rise to $1740 and $1770.

Copper and nickel are very bullish for tomorrow. Crude oil is in a neutral zone.

MCX Gold October: PREMIUM CONTENT ONLY FOR SUBSRIBERS.

MCX Silver September:  (a) Silver needs to trade over Rs.42500-Rs.42600 zone to rise to Rs.43600 and Rs.44338. (b) Crash will be there below Rs.42500.

MCX Crude oil August needs to trade over Rs.3644 till tomorrow to rise to Rs.3809 and Rs.3900.

GOOD NIGHT

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

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

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