Gold and silver will zoom only if there is any indication that the US-China trade deal is not on expected lines.
A bad trade deal between USA-China can result in gold and silver restarting their bull run. Full details of the trade deal needs once known will set a new trend for gold and US dollar.
Central banks continue to increase their gold reserves with passing of each day. Short term traders are not investing in gold. Long term traders are looking for bottom formation in gold so that they can invest in gold. This tussle between short term bears and long term bulls has resulted in gold trading in $1280-$1310 wider range.
Apart from gains in the US dollar, I do not see any reason for gold price not to rise. Silver will be volatile as I do not attract retail investors. Holiday goers and vacationers will start taking positions for Easter vacation which starts in two weeks time. A below expectation nonfarm payrolls will also be bullish for gold.
COMEX SILVER MAY 2019 - current price $1512.30
Bullish over $1500.00 with $1530.60 and $1556.00 as price target
Bearish below $1482.00 with $1472.50 and $1460.50 as price target
? Crash will be there only below $1490.
? Use a buy on dips strategy with a stop loss below $1460.00.
MCX Gold June 2019: (previous day close/CMP Rs.31768)
? There is a mini double bottom around 31550.
? Gold can rise to 32200 as long as it trades over 31550.
? Crash till next week will be there only below 31550.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific 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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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