-- Published: Tuesday, 5 March 2019 | Print | Disqus
Global economy is slowing. China has lowered its economic growth forecast and also announced a major tax cut. Chinese economy is expected to see a slowest growth in the past three decades. Industrial metals may have formed a short term top. Long term bullishness in selected industrial metals (including silver) is intact.
Technically gold needs to trade over $1260 till 11th March to be in short term bullish zone. Silver needs to trade over $1456 till 11th March to be in long term bullish zone. Crude oil can consolidate in $52-$58 zone for a much longer time than most of us expect.
A bit on US-European Union relations
US-EU relations are strained and will only deteriorate further over the coming months and years. USA has a history of treating its allies shabbily. There is unease among people of EU and even Japan over US treatment. Politicians in these nations are looking for ways to reduce dependence on USA for growth and technology. Every American force base (outside USA) is hated by the local community. Gold has to rise. A new group (away from the USA) will rule the world after a decade. Gold or anything backed by gold should be the medium of exchange between these nations.
COMEX SILVER MAY 2019 – current price $1509.80
Bullish over $1506.50 with $1525.50 and $1555.60 as price target
Bearish below $1493.50 with $1476.50 and $1442.50 as price target
Neutral Zone between: $1493.50-$1506.50
· Small sell off will be there below $1506.00 and crash below $1493.00.
· Silver needs to trade over $1515-$1530 zone to zoom.
MCX Silver 5th May 2019: (previous day close/CMP Rs.38696)
· 200 day moving average at 38557 is the key support.
· Another wave of sell off will be there only below 38216 to 37305 and 36555.
· If silver does not fall below 38200, then it will rise to 40018 and 41078.
· Day traders need to remain on the sidelines.
(prices in Indian rupees above. The above is a weekly view)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific 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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 5 March 2019 | E-Mail | Print | Source: GoldSeek.com