-- Published: Tuesday, 23 April 2019 | Print | Disqus
I have been writing for quite some time that higher crude oil prices will be a big threat to global economic growth. Iran, Venezuela and Libya crude oil is not there. May to September is the key consumption months for the year. Global economic growth will be derailed if crude oil prices continue to rise. Inflation in Asia will also rise if crude oil prices zoom. Higher crude oil prices is generally bullish for gold.
Sentiment is very bearish for gold. No one is buying. Investors are on the sidelines. Prices have to show a bottom formation to attract investors. I will prefer to use sharp dips in gold and silver till Friday to invest for next week (if gold and silver continue to fall till Friday).
COMEX GOLD JUNE 2019 – current price $1278.10
Bullish over $1280.10 with $1285.10 and $1293.60 as price target
Bearish below $1276.10 with $1269.90 and $1255.30 as price target.
Neutral Zone between: $1276.10-$1280.10
· Crash will be there if gold falls below $1269.
· Gold needs to trade over $1276.00-$1280 zone to be in intraday bullish zone.
· Remain on the sidelines till UK open.
MCX Gold June 2019: (previous day close/CMP Rs.31596)
· Crash will be there only below 31507 today to 31408 and 31219.
· In case gold does not fall below 31507, then it will rise to 31883 and more.
· Small sell off will be there below 31550.
· Quick rise will be there over 31685.
(prices are in Indian rupees above)
NYMEX CRUDE OIL (APRIL 2019) - current price $65.81
Bullish over $65.00 with $66.40 and $68.60 as price target
Bearish below $64.30 with $63.30 and $62.10 as price target
· Crude oil zoom if it manages to break and trade over $66.40.
· Overall trend is bullish as long as crude oil trades over $65.00.
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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The analyses are based on closing price of previous day. Maintaining proper stop loss is always recommended.
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-- Published: Tuesday, 23 April 2019 | E-Mail | Print | Source: GoldSeek.com