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.
XAUUSD – Gold
Range: 4360$ – 4240$
Our Preference: Sell Gold @ 4360$ for target 4240$ with SL 4380$+ only if sustain
Alternative Scenario: Buy Gold @ 4240$ for target 4300$ with SL 4220$ below only if sustain
Positional Buyer can activate Buy position from 4240$ probably next move towards 4770$+
New update for positional will gives separately with update.
Trading Zone
4390$+ Buy Breakout
XAGUSD – Silver
Range: 60.80$ – 66.20$
Our Preference: Buy Silver @ 60.80$ for target 66.20$ & above 67$ extended target 70$ with SL 60.20$ below only if sustain
Alternative Scenario: Sell Silver @ 63.80$ for target 62.20$ with SL 64.20$+ only if sustain
Positional Buyer can activate their position from 60.80$ for target 75$
