-- Published: Wednesday, 19 April 2017 | Print | Disqus
The key headline is early UK snap polls in June. There will be big moves in the UK Pound and gold either a fortnight before or a fortnight after the UK election results are declared. The UK elections result will have a big impact on the medium term trend of precious metals as well as the US dollar. The period between 23rd May till 23rd June will be very crucial for gold bulls as well as cable bulls. I expect short covering in the cable before the UK elections.
France’s Sunday referendum will have an impact if and only if Le Pen wins majority. It is basically elections in Europe which will have an impact on bullion as well as the US dollar.
Day traders and jobbers need to remain on the sidelines. Silver looks marginally bearish. Copper may have formed a short term bottom yesterday. However gold can fall if there is no geopolitical news to support.
COMEX SILVER MAY 2017 – current price $1824.00
Bullish over $1847 with $1877 and $1907 as price target
Bearish below $1821 with $1807 and $1794 as price target
· Silver needs to trade over $1817 for the rest of the day to rise $1857.
· There will be a sell off only if silver does not break $1860 today OR silver falls below $1817.
· I am against buying silver at the moment.
MCX SILVER MAY – Price in Indian Rupees below
Failure to break 43415 for the rest of the month will result in a fall to 40883 and 40272. Key intraday support is at 41477. Silver needs to trade over 41727 to rise back to 42980. One needs to remain on the sidelines despite the mildly bearish trend.
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: Wednesday, 19 April 2017 | E-Mail | Print | Source: GoldSeek.com