Short selling will catch up or increase significantly if price fall is there in gold, silver and copper. Crude oil is bullish. The next two days will decide whether a short term top has been formed in gold and silver or will the rise continue. I am against buying at current price in gold and silver.
Trend of US stock futures and trend of US bond yields after 3:00 pm Indian Time will decide the intraday trend of precious metals and base metals.
There is no major US economic data release today. The real impact will be felt this week on last week’s US jobs number. Volatility will increase as more and more traders bet for the FOMC on 20th September.
Day traders and jobbers remain on the sidelines.
Spot Gold (current market price $1936.40)
- Daily support: $1918.70 and $1927.10
- Daily resistance: $1949.30
- Spot gold has to trade over $1938.00 to rise to $1949.30 and $1961.90.
- Mild sell off will be there spot gold trades below $1938 to $1931.
- In case spot gold crashes, then there is a big long term support between $1918-$1921-$1928 zone.
COMEX SILVER DECEMBER 2023 (current market price $2421.50)
- Key price to watch: $2412.00
- 100 day MA: $2412.00
Silver December has to trade over $2440.00 to be in an intraday bullish zone and rise to $2472 and $2532.00
- There will be sellers on rise as long as silver December trades below $2440.
- Crash point is at $2412.00.
Shanghai Stock Exchange signs MOU with the Saudi Exchange
The Shanghai Stock exchange said it signed Memorandum of Understanding (MOU) with the Saudi Exchange in Riyadh on Sunday, to lay the foundation for future cooperation.
Both exchanges will explore cooperation opportunities in cross-listings, fintech, ESG (Environmental, Social, and Governance) and research, the Shanghai exchange said in a statement yesterday.
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 Chintan Karnani 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 the author 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. Prepared by Chintan Karnani
Disclosure: I do not trade in spot gold, spot silver and comex futures.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us 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.