-- Published: Tuesday, 1 May 2018 | Print | Disqus
The Iran issue after Israel accused Iran of hiding nuclear weapons prevented gold and silver from a big crash. Any increase in Iranian risk will result in crude oil prices galloping to $90 by next month. Gold will also follow the crude oil trajectory as an inflation hedge. The pace of rise of gold will lag crude oil. But I am sure gold will rise. Gold could trade in a $1237-$1430 wider range in May. All depends on Crude oil, Iran and Korea developments. Silver’s inability to hold the rise in April will ensure that short term traders continue to favor gold over silver.
Industrial metal prices will be dependent on Trump tariff news. Trump has delayed imposing steel tariffs on the European Union, Mexico and Canada. Negotiations with China will be the key to industrial metals price. In the short term industrial metals will be very volatile.
Large investors have started investing in bitcoins and other crypto currencies. I believe that a long term bottom is near in them. Irrespective of all the negative news and state caution, I will prefer to invest in selected crypto currencies for the long term on sharp dips. I foresee a direct correlation between crypto currencies and gold for the rest of the year.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $68.66
Bullish over $68.00 with $69.20 and $70.60 as price target
Bearish below $67.10 with $66.30 and $65.00 as price target
Trading strategy: No call
Crude oil if it rises today and tomorrow can rise to 71.70 by Thursday.
Sellers will be there below $67.00 today.
COMEX COPPER JULY 2018 – current price $306.70
Bullish over $306.10 with $311.40 and $315.20 as price target
Bearish below $304.70 with $302.40 and $296.10 as price target
Neutral Zone between: $304.70-$306.10.
Copper needs to trade over $304.70 today to rise to $315.20.
Copper will crash if it trades below $304.70 today.
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: Tuesday, 1 May 2018 | E-Mail | Print | Source: GoldSeek.com