-- Published: Wednesday, 23 May 2018 | Print | Disqus
Gold and silver would have reached stratosphere due to developments in Iran and the Korean peninsula. Crude oil induced inflation would have supported gold. It is only a cyclical period that is preventing gold price from rising. Reduction in net short positions in silver should pave the way for a rally anytime. It’s a great time to invest in gold and silver for the medium term as well as the long term. Day traders, short term traders or jobbers need to remain on the sidelines as there can be very wild two way moves.
Any fall in Asian currencies (if any) over the coming weeks will result in higher gold demand in Asia and also higher gold prices. It will be long term bulls versus short term bears in gold and silver. Copper if it rises today will blast off.
FOMC minutes after market close need to confirm a June interest rate hike for the greenback to maintain its strength.
COMEX GOLD JUNE 2018 – current price $1291.70
Bullish over $1287.60 with $1302.40 and $1308.20 as price target.
Bearish below $1277.40 with $1272.80 and $1267.10 as price target.
Neutral Zone between: $1277.40-$1287.60
· Gold needs to trade over $1284 to rise to $1308 and $1315.
· Sellers need to trade very carefully as long as gold does not fall below $1277.
· There will be another wave of sell off only below $1277 OR in case gold does not break $1303.
· There will be another wave of rise if gold manages to trade over $1296.
MCX GOLD JUNE 2018 – previous day close Rs.31108
Gold needs to trade over 31035 today to rise to 31342 and 31417.
· Sellers will be there below 31035.
· Immediate resistance is at 31181. There will be another wave of rise if gold manages to trade over 31181.
(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, 23 May 2018 | E-Mail | Print | Source: GoldSeek.com