Asian Metals Market Update for 1st August 2023

Nuclear War threat between Ukraine and Russia and the US-China trade war (after China stopped exports of drone parts) is the reason for the rise in gold price yesterday. Risk appetite is rising globally. A weaker than expected US economic data releases will start another wave of rise for gold and silver.

July ISM, July jobs and July CPI and PPI numbers (next week) will be trend changing only if they indicate another interest rate hike by the Federal Reserve before the close of the year. If not, then there will be another wave of rise.

Physical buyers of gold and silver will use all the price crash to increase inventories. August month is a cyclical period of very low physical demand for gold and silver. Despite the cyclicals, I am bullish on gold and silver demand.

Spot Gold

• Daily support: $1944.20 and $1954.70
• Daily resistance: $1973.50 and $1988.40
• Spot gold has to trade over $1954.70 to rise to $1983.80 and $1994.20.
• Mild sell off will be there if spot gold trades below $1954.70.
• Crash point is at $1939.50 for the next seven trading sessions.

Spot Silver:

• Daily Support: $24.17 and $24.47
• Daily Resistance: $25.01 and $5.44
• Spot silver has to trade over $24.47 to be in an intraday bullish zone and rise to $25.31 and more.
• Crash or sell off will be there if spot silver trades below $24.47 after London opens.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of Chintan Karnani. In no event shall I 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 mine 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.

Disclosure: I do not trade/invest in spot gold and spot silver and even in comex future.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow me on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.