ASIAN METALS MARKET UPDATE
Momentum for gold and silver is bearish. I am happy with the correction. There will be good demand in every Asian nation. Buyers and investors will vanish if gold and silver fall next week. European central bank meeting today can affect euro as well as bullion. Lower growth forecast for this year has already been factored in by the markets and such they will not impact. Details of USA-China trade deal whenever it is released will the key mover/shaker for the market. February Nonfarm payrolls will have a temporary impact unless there is a technical breakdown in gold and silver.
All the moves by Trump whether it is the trade war or the currency war or trying to make Venezuela its colony is aimed towards get him reelected for the second term. Moves have just started. One will see more such moves over the next eighteen months.
Investors and traders are not fools. More and more manufacturing jobs will be created in USA. American farm exports will rise. But these are all short term. Trump's actions can unite foes like Japan and China and even unite Europe as a whole. The net result will be US dollar dumping.
COMEX SILVER MAY 2019 - current price $1509.80
Bullish over $1506.50 with $1519.50 and $1540.50 as price target
Bearish below $1493.50 with $1476.50 and $1442.50 as price target
Neutral Zone between: $1493.50-$1506.50
? Crash will be there if silver trades below $1490.
? The region between $1490-$1510 is an anything can happen zone.
MCX SILVER MAY 2019 - Previous day close Rs.38165.00
? Silver is bearish as long as it trades below 100 day moving average of Rs.38534.
? Silver needs to break and trade over 38534 to rise to 39036.
? Key support is at 37783.
? Crash or another wave of sell off will be there below 37783.
? Long term bullishness is intact in silver.
? I prefer to invest in silver around 37300-37400 zone with a stop loss below 36600 for month end.
(prices in Indian rupee 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
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