Bullion and American Market on 7 August 2020

Precious Metals

Today, Gold Dec made a high of 2089.20 while Spot made a high of 2075.00 and Silver Sept made a high of 29.91 while Spot made a high of 29.86.

Mixed to positive trend may continue for precious metals today. Volatility is going to be at its extreme. Trade with caution.

Gold Spot has support at 2048 and resistance at 2080. Silver Spot has support at 28.40 and resistance at 30.

We are overall bullish on precious metals until ??????(when).

On Wednesday, we made our prediction public again.  We have been constantly asking you to long bullion since several months through our posts and annual letters.

USA Market

In the previous session, S&P500 made a high of 3347 while DOW made a high of 27303 and NASDAQ made a high of 11282. Moon just entered Pisces and forms an alliance with Saturn. This may lead to a correction or resistance from moving higher. If this correction happens then gap down opening is possible on Monday. S&P500 has resistance at 3351 and support at 3320. DOW has resistance at 27500 and support at 27000. NASDAQ has resistance at 11300-11350 and support at 11000. RUSSELL has resistance at 1560 and support at 1520. If S&P500 does not cross 3350 then it may drop today. If market closes bearish today then short position can be carried forward for Monday.

It is the non-farm payroll announcement which may invoke volatility in the market.

On Wednesday, we asked you to short DIS @ 129. We covered DIS @ 126 yesterday and then again went short at 130. We went long in BERKSHIRE HATHAWAY CLASS-B (BRK-B) @ 200. Booked 50% profit yesterday at 204. We booked profit in UNH @ 314 (went long at 307.50). We went long in AAPL @ 345 (our target was 350-355 which had been achieved). On Wednesday, we went long in UBER – profit was booked yesterday. In the previous session, we went long in BIDU (BAIDU) @ 124 with S/L 123, DISH @ 34.17 with S/L 33.20, AMD @ 85.00 (booked 50% profit yesterday). In live signals, we went long in T-Mobile USA (TMUS) at 107.70. In after-market hours, it went up-to 114. We went long in AAL (American Airlines) at 12.60 and booked profit at 13.25.