-- Published: Wednesday, 7 March 2018 | Print | Disqus
Trade wars will increase as the Trump administration is considering clamping down on Chinese investments in the USA along with imposing tariffs on a broad range of Chinese imports. Gary Cohn resigning as Trump’s top economic advisor will be bearish for the US dollar and bullish for gold.
Key US economic data releases begin from today with February US private ADP jobs number. It remains to be seen if economic data releases turn the focus away from Trump’s protection.
The next seven days (till 14th March) is very crucial for the US dollar as well as gold and silver and industrial metals. Zinc and lead should form a medium term bottom if they continue to fall continuously for a week. Copper will break free from recent the $309-$330 wider trading range and form a new range. Corrections in Nickel (if any) should be used as an investing opportunity.
COMEX GOLD APRIL 2018 – current price $1337.20
Bullish over $1328.50 with $1342.20-$1348.60-$1354.30 as price target
Bearish below $1321.70 with $1318.10-$1314.10 and $1308.30 as price target.
- Gold needs to trade over $1328 today to rise to $1348.50.
- There will be a sell off if gold trades below $1328.00.
MCX GOLD APRIL 2018 – previous day close Rs.30573.
· Gold can rise to 30772 and 30968 as long as it trades over 30443.
· Sellers will be there below 30443.
· Seven days view: Key resistance is at 30973. Only a break of 30973 will trigger another wave of rise to 31493 and 31822. Gold will crash to 29923 and 29599 in case gold does not break and trade over 30973 in the next seven days.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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, 7 March 2018 | E-Mail | Print | Source: GoldSeek.com
