-- Published: Tuesday, 8 May 2018 | Print | Disqus
World focus is on Trump’s Iran decision. My personal view is that the Nuclear deal with Iran will be cancelled. New trade sanctions will be imposed on Iran. Republican-Saudi nexus want crude oil prices to form a lower floor at $100. They want crude oil prices to rise to $100 as soon as possible. In order to achieve this motive, trade sanctions on Iran will have to be imposed on some pretext. Natural gas prices are at a historical low. Regime change in Iran and Syria if successful will result in global natural gas prices getting controlled by the USA. I expect a two thousand percent rise in natural gas prices if when USA/NATO controls Iran and Syria. Buying some far dated call options in natural gas is the least risky investment at the moment.
Gold and silver should break free from the recent range bound trade tomorrow and form a new range. I am slightly bullish as I expect crude oil prices to rise. A big day for the US dollar also. There are no key US economic data release today.
COMEX GOLD JUNE 2018 – current price $1314.10
Bullish over $1319.90 with $1329.20 and $1350.00 as price target
Bearish below $1314.10 with $1309.70-$1300.10 as price target.
· Immediate resistance is at $1323.70. There will be another wave of rise if gold manages to trade over $1323.70.
· In case gold does not break $1323.70, it will consolidate in a $1307.80-$1314.10-$1323.70 range.
MCX GOLD JUNE 2018 – previous day close Rs.31258
Gold needs to trade over 31267 today to rise to 31419 and 31546.
· Key support is at 31131. Bearish trend will be there below 31131.
· Direction of the Indian rupee against the US dollar will be the key. If the rupee continues to weaken against the US dollar, then downside risk will be limited in gold.
(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: Tuesday, 8 May 2018 | E-Mail | Print | Source: GoldSeek.com
