Fundamentals for the Day
8.00 pm Crude Oil Inventories
11.30 pm FOMC Meeting Minutes
12.00 am President Trump Speaks
Latest Updates
US–Canada Trade: President Trump announced a three-day pause on the planned 50% tariffs on Canadian imports, stating that the U.S. and Canada have reached a deal subject to finalization of documents. Trump also mentioned the possible revival of the Keystone XL pipeline.
Effect: Trade tensions reduces an immediate source negative for Gold in the short term. However, because the agreement is still subject to final documentation, the impact should not be treated as a permanent bearish factor so next impact after 3 days announcement will change its effect.
US–Iran: President Trump said there are currently no talks or negotiations taking place or scheduled with Iran, while the U.S. naval blockade remains in force. This keeps geopolitical risk elevated and can continue to provide support to Gold during periods of renewed escalation- but in reality as IRAN-US war on going Gold move Down only.
Our View: Gold & Silver remain on the downside as mentioned in our previous report, with 19th August remaining an important timeline. The current price action is still moving in the direction we expected. However, this could be the final week in which we prefer selling positions. After this week, our preference will flip & Buy side, subject to confirmation from price action and market conditions.
In short: Follow the given selling levels carefully this week, but remain cautious about fresh short positions after 19th August. From next week, we will look for opportunities to Buy Gold & Silver on dips or confirmed breakouts.
Gold
Range: 154500 – 151850
Our Preference: Sell Gold @ 154150 target 152000 with SL 154600+ only if sustain
Alternative Scenario: Buy Gold @ 151850 back up buy @ 151350 for target 155000 with SL 151200 below only if sustain
Trading Zone
153000 Buy @ 1st stroke with SL 300 point
154780 Sell for session
Silver
Range: 232500 – 221000
Immediate Sell @ 230000 for target 227000 with SL 900 point
Our Preference: Sell Silver @ 232500 for target 222000 with SL 235000
Alternative Scenario: Buy Silver @ 221000 for target 232500 with SL 218000 below only if sustain
Trading Zone
227000 Buy @ 1st stroke with SL 800 point
As per COMEX Spot Silver 60.80$ is a strong Buy so check out for Higher Accuracy
