Key resistance of $1760 (spot gold) and $19.40 (spot silver) have to be broken for continuance of bullish trend. If not then the same will be called a bear market rally. US summer will officially come to an end on 5th September (6th September for Asia). Gold and silver can trade with a falling trend till 5th September.
Dr. Fauci retiring in December is a nothing but a pre poll gimmick before US senate elections. There is speculation that student loans forgiveness scheme will be announced for a selected category of American tax payers. Copper, base metals and energies will rise or remain firm if the student loan forgiveness scheme is announced and implemented before the US senate elections.
At the end of the day, American people are obsessed with living their life in debt. The reduced debt burden (if any) will be used to buy consumer durables or for a vacation or increase the standard of living.
The pace of rise of copper, base metals, and energies will increase on any announcement of “ student loans forgiveness scheme”. Hitlertarian powers to any political leader in any nation only increases mass suffering while benefitting only the extreme rich and powerful. Biden will unleash the Hitler in himself if he gets full control of the US senate under the mask of “ student loans forgiveness scheme”. (In India every political party announces and implements farmer loan forgiveness scheme before every central elections. Only large farmers benefit. The small and tiny farmers never get a penny. The same can happen with the American people as well.)
There will be very sharp two-way price moves today and tomorrow in precious metals and base metals due to the over-hyped Jackson hole conference.
COMEX GOLD DECEMBER 2022 (current market price $1758.00)
- Key intraday support: $1739.10
- Key intraday resistance: $1774.80
- Gold needs to trade over $1739.10 zone to rise to $1790.10
- There will be sell off only if gold trades below $1739.10 between 2:30 pm Indian Time and 10:30 pm Indian time to $1719.50 and $1704.20.
- Gold will rise very quickly if it trades over $1764.00 after London opens to $1771, $1787 and $1795.
NYMEX CRUDE OIL (September 2022) (current market price $93.42)
- Crude oil has to trade over $89.90 to rise to $97.10 and $99.90.
- There will be sellers only if crude oil trades below $89.90.
COMEX COPPER SEPTEMBER 2022 (current market price $366.80)
- Copper has to trade over $361-$363 zone to rise to $382.30.
- Copper will crash only if it trades below $361.00.
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