Tuesday, July 23, 2019
TIME: 21:20 pm IST
METALS WRAP UP BEFORE WE CLOSE
Gold corrected as it was not able to trade over $1430. Silver is off the highs. Silver is yet to break past $1671.50 key long term resistance. US dollar Index trading over 97.00 has resulted in the so called correction. I repeat my usual word “fatigue” for gold and silver bulls. Fatigue will come in play if gold and silver are not able to rise till tomorrow and a quick anytime correction will be looming.
A combination of strong US dollar, inability to break past key resistance and a cyclical period of low demand has resulted in the correction in gold. News will be the key.
What next for tomorrow?
I am PREMIUM CONTENT FOR SUBSCRIBERS ONLY
Tomorrow also there is no big US economic data release. If PREMIUM CONTENT FOR SUBSCRIBERS ONLY
Correction will be a part of the bull trend. Copper is bearish. Crude oil will crash and not fall.
Comex Gold August needs to trade PREMIUM CONTENT FOR SUBSCRIBERS ONLY
Comex silver September needs PREMIUM CONTENT FOR SUBSCRIBERS ONLY
Comex copper September will crash if it trades below $269 till tomorrow.
Nymex Crude oil is fundamentally bearish.
Zinc, and nickel are set for more correction tomorrow. Zinc can move into a short term bearish phase if it falls tomorrow.
MCX Gold August: PREMIUM CONTENT FOR SUBSCRIBERS ONLY
MCX Silver September: A short term top will be formed if silver does not break and trade over Rs.41750 by Thursday. If silver falls then Rs.39791 will be the immediate target.
MCX Crude oil August till tomorrow will crash only if it trades below Rs.3820.
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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