Gold and silver will zoom if there is any indication that interest rates will not be hiked in June by the Federal Reserve. Trump trade wars with China and Europe will impact industrial metals more. The Korean peninsula peace will be bearish for gold. There can be profit taking in long US dollar positions before the FOMC meet and April's NFP. Fundamentally gold and silver are bearish as physical demand and investment demand is lackluster.
One should have key technical support and resistances before trading and then trade. Have the patience. As a cricket fanatic, I would say wait for the bad ball and hit the six. Concentrate. If you are able to get you concentration right, then every ball can be hit for a six. A la Chris Gayle.
I believe that May is the best month for traders to make maximum profit in every year. Gold and silver are not yet out of the bear shadow yet.
COMEX GOLD JUNE 2018 - current price $1323.20
Bullish over $1318.10 with $1328.20-$1334.90 as price target.
Bearish below $1315.10 with $1309.90-$1301.60 as price target.
?,? Gold needs to trade over $1318.10 to rise to $1331 and $1340. Trend is down. But will crash will be there only below $1318.10.
?,? Better to remain on the sidelines today.
COMEX SILVER JULY 2018 - current price $1644.50
Bullish over $1656.20 with $1669.20 and $1697.80 as price target
Bearish below $1641.20 with $1622.90 and $1611.90 as price target
?,? Silver needs to trade over $1657 to rise to $1678 and $1696.
? Sellers will be there as long as silver trades below $1657 today.
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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