-- Published: Monday, 9 April 2018 | Print | Disqus
The disappointing thing was that gold and silver were not able to rise after the release of disappointing US March nonfarm numbers. The perception of traders it seems that cyclical factors such as early Easters has resulted in the fall in March jobs numbers and that the US economy will continue to hire over 200,000 jobs from April onwards. The threshold point for US nonfarm payrolls is 160,000. A June interest rate hike by the Federal Reserve is not yet a done deal. I am least concerned about the US economy in March. April to June is crucial for US economic growth as well as global economic growth. The economic trend of the current quarter will dictate the central bank policies for next year.
The US dollar has not nosedived against major currencies. Direction of the US dollar is the key. Physical gold and silver demand in North India and Pakistan is zilch. Intention to buy gold at lower prices in India, Pakistan is very high.
INTRADAY TRADING STRATEGY
Boom or bust week for gold and silver. Corrections in crude oil are a part and parcel of a long term bull rally. Sharp corrections (if any) in copper should be used to invest for the long term. I will prefer to be on the sidelines in gold and silver till USA opens.
COMEX GOLD JUNE 2018 – current price $1334.80
Bullish over $1337.50 with $$1343.80-1347.50 and $1353.80 as price target
Bearish below $1331.50 with $1325.50 and $1317.60 as price target.
Gold needs to trade over $1328-$1331 zone to rise to $1347 and $1356.
Sellers will be there below $1328.00.
MCXGOLD JUNE 2018 – previous day close Rs.30694
Gold needs to trade over 30545-30513 zone today to rise to 30783 and 30916.
Bearish trend will be there below 30513.
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
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NOTES TO THE ABOVE REPORT
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-- Published: Monday, 9 April 2018 | E-Mail | Print | Source: GoldSeek.com