-- Published: Friday, 29 March 2019 | Print | Disqus
Trend for gold and silver is down at the moment. Demand in Asia will be the key. Look for short covering in gold and silver as the quarter comes to a close. Crude oil is fundamentally bearish. I expect lower demand in Asia in the upcoming quarter. Copper will volatile.
5 reasons why did gold and silver fell this week?
1. US dollar gains as it acted as safe haven in currency markets.
2. Repeated inability to trade firmly over $1330.
3. Quarter end profit taking leading to a technical breakdown.
4. Lack of demand in Asia as prices were near monthly high’s.
5. Expectations that global economy will perform better next quarter as compared to current quarter.
What to look next in gold and silver in April
1. Gold demand should zoom in April in Asia
2. US economic performance in March particularly jobs
3. Brexit and US-China trade wars related news
4. Venezuela, Iran and crude oil price trend
5. Chinese economic performance and its trend (particularly for industrial metals).
COMEX SILVER MAY 2019 – current price $1500.80
Bullish over $1519.50 with $1539.60 and $1556.00 as price target
Bearish below $1500.00 with $1486.50 and $1466.50 as price target
Neutral Zone between: $1500.00-$1519.50
Jobbers aggressive buy over: Buy at $1460 stop loss $1429 for $1580 for next week.
Jobbers sell below: Sell silver if does not break $1529 today
· Key long term support is at $1460.
· There can be pullback rallies as long as gold trade over $1460 to $1560.
· Crash will be there only below $1460.
NYMEX CRUDE OIL (MARCH 2019) - current price $59.61
Bullish over $59.10 with $61.10 and $63.60 as price target
Bearish below $58.10 with $57.40 and $56.30 as price target
Trading strategy: Buy at $60.10 stop loss $59.40 for $62.00 and $64.40.
· Crude oil needs to trade over $58.50-$59.00 zone to rise to $61.00.
· Sell off will be there below $58.00
HAPPY PROFITABLE TRADING
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-- Published: Friday, 29 March 2019 | E-Mail | Print | Source: GoldSeek.com