-- Published: Monday, 1 May 2017 | Print | Disqus
The next ten trading days will be a big week or two for all investors and traders. Economic and politics are all there. Implications will be there for the short term as well as long term. Gold and silver are technically bearish. Copper and crude oil are in a neutral zone. Euro and cable are bullish against the US dollar. The Japanese Yen is bearish against the US dollar. It remains to be seen if the current trend continue till next week or we will see a new trend.
Ignore Trump. In the next two months, other than war with nations, I do not foresee any big laws getting passed by him. Either the American courts will stop Trump laws or republicans will block Trump’s proposed legislation. Every elected American politician has some direct or indirect financial interest in war so they are happy whenever America engages in war.
At the moment investor focus is on a US interest rate hike, North Korea and the South China Sea. Unless there are political changes in Europe, I do not expect Eurozone to affect financial markets in a big way. UK elections can have a big impact. One needs to look for change in investor focus in May and June.
COMEX GOLD JUNE 2017 – current price $1265.40
Bullish over $1268.10 with $1274.90 and $1282.15 as price target
Bearish below $1261.10 with $1254.40 and $1238.90 as price target.
Neutral Zone between: $1261.10-$1268.10
- Key weekly support is at $1256.30. Overall trend is down. But big sell off to $1218 and $1190.00 if gold does not break $1297.60 by Friday.
- Trade very carefully between $1258-$1265.
- Jobbers watch $1265 all the time. Remain on the sidelines despite the bearish momentum.
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, 1 May 2017 | E-Mail | Print | Source: GoldSeek.com