-- Published: Wednesday, 17 May 2017 | Print | Disqus
There is no news. The next three days will be very crucial for gold, silver, crude oil and the Japanese Yen. If they are able to rise then I expect $1296, $18.76 and $52.20 in gold, silver and crude oil in the short term. Caution optimism along with a lookout for trend reversal is the need of the hour for day traders, jobbers and short term investors.
The only way to get over unending controversies for Trump is to divert home media attention to a war. North Korea could be the pawn for Trump. If Trump controversies do not end in the next two months then I expect North Korea to be eaten by NATO forces. Wars in Asia are always bullish for gold and silver.
Trump controversies are bullish for gold and silver. There is also a mild technical bullishness which is supporting the rise. It is the herd way of price moves at the moment. US dollar gets a jolt. Bullion rises along with emerging market currencies and emerging market stocks. There is no short term trend in the global financial markets. Herd is the trend. In the herd way of short term trading, profit as well as losses are massive.
COMEX GOLD JUNE 2017 – current price $1242.70
Bullish over $1234.40 with $1248.60 and $1266.10 as price target
Bearish below $1227.10 with $1223.60 and $1217.30 as price target.
- Gold can rise to $1249 and $1263 as long as it trades over the $1230-$1234 zone.
- Sellers only below $1230. Jobbers watch $1243 all the time.
- Trend is bullish. A daily close over $1244 today will result in $1272 in the short term.
MCX GOLD JUNE – prices in Indian Rupees below
Gold can rise to 28301 and 28761 today as long as it trades over 27960-28040 zone. Trend is bullish. A daily close over 28301 today and till Friday will result in 29450 in the short term.
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, 17 May 2017 | E-Mail | Print | Source: GoldSeek.com