-- Published: Monday, 6 June 2016 | Print | Disqus
It has been a sort of a muted reaction by gold and silver in the Asian session after Friday’s US jobs number. Yellen’s speech today and other risk’s over the next two weeks are preventing gold and silver from zooming. In May everyone was foxed after the US jobs number. Traders and investors are all cautious.
If the Federal Reserve overlooks the US jobs numbers, then it can still raise interest rates this month or next month. There are bright spots all over the US economy apart from the employment numbers. The UK European Union referendum will also have an impact. UK’s European Union referendum to me this is a big joke for its people. The referendum will be fudged. The media propaganda will force people to vote for the political whims.
The Federal Reserve is a butt of jokes as far as manipulating interest rates and gold is concerned. Investors are not idiots. They have sensed that Yellen & Company are using interest rate tools for all purpose other than to support US economic growth. Be prepared for a roller coaster ride over the next two weeks.
Short term view
Comex gold has a technical congestion between $1241-$1247 and $1260.10. Only a break of this zone will result in another wave of rise to $1324. Support is between $1214-$1219 with $1190.80 as key support till the first week of July.
Comex silver needs to break and trade over the $1655-$1691 zone for another wave of rise. Initial support is at $1602 with $1527 as key support for the rest of the month.
Nymex crude oil needs to trade over $49.00 for the rest of the month to rise to $55.40. In the next two months crude oil can rise to $63.00 as long as it trades over $42.00.
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. 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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-- Published: Monday, 6 June 2016 | E-Mail | Print | Source: GoldSeek.com