-- Published: Tuesday, 16 April 2019 | Print | Disqus
Gold and silver are still not out of the bear shadow. If they fall today, then they will crash. India is closed tomorrow. In India this is the biggest holiday week of the year. If Indian gold prices fall, then jewelers will have the best sale of the current year. A hopefully good jewelry sale will result higher Indian gold demand next week. Day traders need to remain on the sidelines today.
Traders are very optimistic that the so called “trade war” is nearing an end. US-China, US-Eurozone, China-Eurozone, US-Japan are among the major trade war zones which is expected to come to an end over the next few months. Optimism that an end to trade war will result in higher global growth is driving stock markets higher, gold and silver are trading with a softer bias while crude oil remains firm. In my view it is too early to say that an end to trade war will result in higher global growth. One thing is for sure, US unemployment rate will fall, US nonfarm payrolls will be on the higher side as US will get maximum benefit at the cost other nations. Chinese and European companies are opening plants in Mexico and other nations with which USA does not have a trade war. In the long term, there are question marks over Trump induced creating sustained higher jobs in USA.
Gold investors will wait for some time as prices are not rising. Nobody will dare touch silver despite good valuations as silver prices still disappoint. No one invests in any invest in financial product in which prices range trade with a downward bias. Momentum for crude oil is still bullish. The world knows that the lower floor for crude oil is at $57.00 in the event of a crash.
COMEX GOLD JUNE 2019 – current price $1288.75
Bullish over $1290.10 with $1305.60 and $1313.50 as price target
Bearish below $1284.30 with $1280.10 and $1276.40 as price target.
Neutral Zone between: $1284.30-$1290.10
· There is a massive technical congestion between $1275-$1284 zone.
· If gold manages to trade over this zone till next week, then it will rise to $1310 and $1331
· Crash to $1260 and more will be there if gold does not hold $1275-$1284 zone.
· Remain on the sidelines today.
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, 16 April 2019 | E-Mail | Print | Source: GoldSeek.com