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Asian Metals Market Update: July-31-2020

Gold will rise or remain firm after US president suggested of a postponement of November presidential elections. Britain will announce a 14-day quarantine period for passengers arriving from Luxembourg. US second quarter GDP numbers has been worse than expected. All factors are indicative of continued rise in gold and silver for next week.

Over brought conditions are there in gold and silver. Sharp corrections will be a part and parcel of the bullish trend. Next week is big week due to various US jobs numbers and bank of England meeting. Euro and Pound should see another big rise.

Spot silver (current price $23.66): Key intraday support: $22.07. Key intraday resistance: $24.48. View: Silver needs to trade over $22.00-$22.30 zone till Monday to rise to $25.50 and $27.02. Silver will crash only if it trades below $22.07

MCX CRUDE OIL (August)  - current price Rs.3006.00

  • Seven day View: Crude oil needs to trade over 2890-2940 zone to rise to 3155 and 3236.
  • I will prefer to use a buy on sharp dips strategy with a stop loss below 2808 for next week.
  • Today’s view: Crude oil has to trade over 3040-3050 zone to rise to 3086 and 3156. Crash will be there only below 2966.

(prices are Indian rupees above)

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