There is speculation that if Biden becomes the US President, the chairman of Federal Reserve will change. Uncertainty over financial policy uncertainty due to prospective change in Federal Reserve chairman itself will be bullish for gold and bearish for the US dollar Index.
US durable goods numbers is the only US economic data release today. Big US economic data releases is on 30th September. (Q2 US GDP, September ADP job numbers among others) and also on 1st October and 2nd October. All the US economic data released between 30th September and 2nd October (September nonfarm payrolls among others) will be trend changing.
The next set of US October job numbers will be after the US presidential elections. I expect US September jobs numbers to come in on the higher side of expectation. US September job numbers will support for a reelection of current president Trump. Next week will be a big week for gold, silver, stocks and the US dollar Index.
China is closed from 1st October to 7th October. China is the largest consumer of all metals. Lack of Chinese demand can have an impact on industrial metal price and precious metals price.
COMEX SILVER DECEMBER 2020 – current price $2324.00
- Silver can rise to $2460.10 and $2600.60 (by next week) as long as it trades over $22212.20.
- Use a buy on dips strategy with a stop loss below $2179.10.
COMEX COPPER DECEMBER 2020 – current price $297.60
- Copper can rise to $312.70 (by next week) as long as it trades over $288.80.
- The next big sell off will be there only if copper trades below $288.80.
Insignia Consultants -- Web: www.insigniaconsultants.in
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees 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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
"Print this report only if absolutely necessary. Save Paper. Save Trees."
We have no branch
We do not have any marketing agents in any city in India
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: telegram/whatsapp 9311139549
