SPOT (HAAZIR / PHYSICAL) GOLD AND SILVER PRICE REPORT: 2nd August 2019

Insignia Consultants

New Delhi

Friday, August 2, 2019

TIME: 3:06pm IST

COMEX MID DAY UPDATE

Direction of gold and silver after the release of US July nonfarm payrolls will be the key. Trader sentiment is for $1500 for gold by next week.
US July nonfarm payrolls needs to come in over 180,000 for gold to crash. Silver needs to break and trade over $1669 or fall below $1580 for direction.
Gold and silver will zoom if the NFP comes in below 100,000.
Comex Gold December 2019: (a) Key support $1430.10. Initial support $1441.90. (b) Key resistance $1462.70. (c) Gold will zoom to $1503 and $1533 as long if it trades over $1460. (d) Crash will be there if gold does not break $1462.70 today.
Comex Silver September 2019: (a) Key support $1586.00. Initial support $1605. (b) Key resistance $1635.50. (c) Silver needs to fall below $1586 or break and trade over $1635.50.
Comex Copper September 2019: Key support $259.30. (b) Key resistance $264.80. (c) Crash or sell off will be there if copper trades below $259.30 for the rest of the day.
Nymex Crude Oil: Key support $54.30. Initial support $55.20. (b) Crude oil needs to trade over $54.00 for the rest of the day to rise to $56.20 and $58.00. (c) Crash will be there below $54.00.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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

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.

NOTES TO THE ABOVE REPORT

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