Gold will break free from $1320-$1340 trading range and form a new range anytime soon. Silver needs to trade over $1596 to zoom. Copper needs to trade over $291 (till Monday) to zoom. If crude oil rises today and tomorrow, then chances of $60 by next week will be very high.
Germany's Merkel wants a united Europe to counter Asia. Chancellor Merkel has said that European political and business leaders should work more closely together to counter economic challenge from Asia. She also ridiculed Trump over his trade policies. My view: The statement is an act of protectionism and escalation of trade war from USA to Europe against a growing Asia. Europe and USA want to rule Asia and dictate Asian business and Asian national policies. Protectionism is always long term bullish for gold. Corrections in the short term are not ruled out.
Federal Reserve chairman has said that "there is no rush to make a judgement" on interest rates. US economy is slowing according to him. Incoming US economic data releases will tell us the timing of the next interest rate hike. Our view: Slowdown has been more or less factored in by the traders and markets alike. US dollar Index will zoom if economic data releases over the next two months beat street expectation. Easter vacations are in April. I see higher consumer spending and travel globally around Asia (if Easters are in April). I am rather positive on global economic growth as compared to the market expectation. Overall gold will rise. Corrections upto $70-$80 will be a part of the bullish trend. Short term traders and day traders need to trade very carefully in precious metals as well as industrial metals.
COMEX GOLD APRIL 2019 - current price $1331.10
Bullish over $1335.60 with $1341.80 and $1348.70 as price target
Bearish below $1329.10 with $1324.70 and $1315.50 as price target.
? Small sell off will be there below $1329.10.
? Crash will be there below $1319.50.
? Gold will break free from $1320-$1340 range and form a new range.
MCX Silver March 2019: (previous day close/CMP Rs.40778)
Key Support: 40452
Key Resistance: 40138
? Silver needs to trade over 40452 till tomorrow to rise to 41452 and 41900.
? There can be 500-700 one way moves in silver.
? Sell off or bearish trend will be there only if silver trades below 40452.
(Prices in Indian Rupees above)
HAPPY PROFITABLE TRADING
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
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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The analyses are based on closing price as per February 19, 2019. Maintaining proper stop loss is always recommended.
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