-- Published: Tuesday, 12 March 2019 | Print | Disqus
Gold fell after inability to break past $1300. There should be good investment demand in gold for the rest of March. I prefer higher allocation to physical gold in one’s portfolio. Silver continues to remain undervalued.
Saudi’s are taken world to a ransom as they do not want crude oil price to fall. They are doing everything to ensure that Brent crude oil trades over $60 per barrel. Asian summer travel season will begin from next week for four months. Demand for diesel is also high in Asia due to higher use in generators. (Large parts of India still witnesses power outages over four hours daily in summer.) Higher crude oil prices will also affect the election result in India and Indonesia. USA will indirectly support Saudi’s as it is now one of the highest crude oil producing nations. Firm crude oil prices will support gold.
UK prime minister May has struck a new revised deal term on Brexit. Pound rose. If the deal is passed by the UK parliament, then cable will rise to 1.4000 over the coming months. Most of the bad news on Brexit has been factored in by the markets.
US-China trade plunges by 20% in the first two months of 2019
The volume of trade between United States and China, dropped to $76.5 billion in January-February. The figure is 20 percent lower than for the same period of last year. Effect on gold: Short term correction but long term hyper bullish as China will continue to increase its gold reserves.
COMEX GOLD APRIL 2019 – current price $1294.80
Bullish over $1290.10 with $1309.50 and $1321.20 as price target
Bearish below $1286.10 with $1278.80 and $1270.10 as price target.
Neutral Zone between: $1286.10-$1290.10
· Wider trading range is at $1278-$1290-$1304 as long as gold does not break past $1304.
· Day Traders remain on the sidelines.
HAPPY PROFITABLE TRADING
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 12 March 2019 | E-Mail | Print | Source: GoldSeek.com