-- Published: Monday, 8 April 2019 | Print | Disqus
Trump wants interest rate cuts this year. His strategy is simple: Weaken the US dollar à A weaker US dollar will help US exports and also reduce import à Higher employment will be there if interest rate cuts are there and the US dollar also weakens. The ultimate goal of all these moves is to get a re-nomination next year and also win next year presidential elections. The fallout of a weaker US dollar will be higher crude oil prices, higher gold prices, strong Asian currencies against the US dollar amongst another potential fall out of a sharp US dollar depreciation.
The first week of the quarter is over. Traders will now start taking positions for Easters and end June. The pace of rise of gold and silver will determine the investment interest. Chinese and Russian central bank continued increase in gold reserves is a long term bullish factor for gold. In the short term, direction of the US dollar will be the key.
European central bank meeting and FOMC minutes will be the key to the US dollar. Brexit and Asian demand will also affect gold and the US dollar.
COMEX GOLD JUNE 2019 – current price $1299.50
Bullish over $1294.10 with $1307.60 and $1323.10 as price target
Bearish below $1290.10 with $1286.90 and $1279.10 as price target.
Neutral Zone between: $1290.10-$1294.10
· Gold will zoom if it trades over $1300 to $1310 and $1323.
· Sell off will be there below $1290.
MCX Crude oil 18th April 2019: (previous day close/CMP Rs.4362)
o Crude oil needs to trade over 200 day moving average of 4355 this week to rise to 4481 and 4550.
o Small sell off will be there below 4318.
(Prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
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-- Published: Monday, 8 April 2019 | E-Mail | Print | Source: GoldSeek.com