-- Published: Wednesday, 24 April 2019 | Print | Disqus
I believe that the fall in gold prices is good for gold jewelry demand in Asia. Prices are still very high in my view all over Asia. The more the correction in Asian gold prices, the more the demand in Asia. There will be a slight dip in gold demand around 6th May in Islamic nations as the fasting month of Ramadan begins.
The factors driving down gold are the same (a) Positive view on global economy (b) Slight chance of an interest rate rise by the Federal Reserve in December (c) US dollar strength is also the key factor driving down gold price. (d) Inability to break past long term resistances resulted a technical breakdown and a bearish sentiment.
Silver will crash if it trades below $1455. Copper is in a neutral zone. Crude oil key resistance is at $67.10. Keep close watch on crypto currencies. They have a lot more potential to rise than gold or silver. Retail interest in crypto currencies is very less. The worst is over for crypto currencies and the best is yet to come. Crypto’s are a great long term investment apart from gold.
COMEX SILVER MAY 2019 – current price $1478.30
· Crash will be there below $1455-$1460 zone.
· Momentum is down.
· If silver falls today, then chances of $1438 and below will be very high.
· Silver needs to trade over $1480-$1490 zone to rise further.
MCX Silver May 2019: (previous day close/CMP Rs.36976)
· Silver needs to trade over 36300-36500 zone till 30th April to rise to 37754 and 382300.
· Crash will be there below 36300.
· Quick rise today will be there over 37056.
· Small sell off will be there below 36840 today.
· Momentum is still down for silver.
(prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
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NOTES TO THE ABOVE REPORT
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-- Published: Wednesday, 24 April 2019 | E-Mail | Print | Source: GoldSeek.com