US July nonfarm payroll has to come it at or above 2,00,000 along with a sharp fall in unemployment rate to cause a selloff in gold, silver, and copper, base metals and energies. If not, then all the dips should be used as a short term investment opportunity. BUT use stop loss higher than you normally do.
Copper, base metals and crude oil rose sharply yesterday after the initial morning fall. There will be buying on dips is the message. Trend is bullish as long as yesterday’s low hold. US stock markets needs to crash or crumble for another wave of sell off in all asset classes except bond yields.
Trend after London PM Fix is the key for gold and silver and should continue till next week. Trend between 6:00 pm Indian Time and 9:00 pm Indian Time is the key for copper and base metals. WTI/Nymex Crude oil if it rises today and Monday will target $90+ by next week.
Spot Gold (current market price $1936.20)
- Daily support: $1917.70, $1937.30
- Daily resistance: $1944.40 AND $1963.60
- Spot gold has to trade over $1927.30 today to be in an intraday bullish zone and rise to $1954 and $1972.
- Crash or sell off will be there if and only if spot gold trades below $1927.30 after Nonfarm payrolls and till day’s close.
COMEX COPPER SEPTEMBER 2023 (current market price $389.20)
- Key price to watch: $388.30
- Copper has to trade over $383.00 to be in an intraday bullish zone and rise to $397.90 and $404.90
- Crash or sell off will be there if copper September trades below $383.00 after London opens and till day’s close.
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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