Do not fret and worry over the outcome and trend after the Jackson Hole conference. Use higher trailing stop losses on your long/buy positions. If you are short in gold, silver and copper then use significant price crash to close/exit.
Jackson Hole + London Monday holiday = Abrupt and knee jerk price move anytime and a greater chance of a big gap open on Monday. Either the key support or the key resistance has to be broken for a big one way price move.
Please ignore all the news on trend of interest rates. Interest rate bets are overhyped as of now. Use a buy on significant crash in gold and silver and copper till 15th September.
Crash or sell off or a sustained technical breakdown will be there in gold, silver and copper if and only if (i) US stock markets move into a short term bearish trend. (ii) USD/JPY breaks and trades over 148.00 for the next three weeks. (iii) Spot gold does not break $1936-$1940 zone in the next two weeks. Spot silver does not break $25.00 in the next two weeks.
New Singapore commodity exchange aims to launch EV nickel contract this year
- A new Singapore-based commodities exchange aims to launch the world's first futures contract for a type of nickel used in the booming electric vehicles (EV) sector by the end of this year
- The Abaxx Commodities Exchange, which is getting its final regulatory approvals in Singapore, plans to launch nickel sulphate futures, the first such contract globally.
- Liquefied natural gas (LNG) futures and carbon futures will also be launched by the exchange.
- Instead of having a network of warehouses to store and deliver physical metal like the LME, the new Abaxx nickel contract would facilitate delivery from seller to buyer.
(From Reuters news)
Spot Gold
- Daily support: $1906.80
- Daily resistance: $1925.10 and $1936.00
- Spot gold has to trade over $1906.80 to rise to $1936.00 and $1945.00.
- Crash or sell will be there if spot gold trades below $1906.80 till Monday.
- Spot gold will also crash if it does not break $1927.20 today.
COMEX COPPER SEPTEMBER 2023
- Key price to watch: $377.00
- 50 day MA: $381.40
- 100 day MA: $383.10
- Copper has to trade over $372.60 to rise to $386.50 and more.
- Crash or sell off will be there if copper September trades below $372.60.
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
- ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
- Follow me on Twitter @chintankarnani
- PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
- PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
- THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
- ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
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