-- Published: Friday, 26 April 2019 | Print | Disqus
US GDP numbers is overhyped today. Traders will take positions for next week’s FOMC meet and host of US jobs numbers. There will be an Easter impact on US jobs. Global economy has a feel good situation. Once again it will be a technical trade today. Central bank buying has failed to lift gold. I am against going long in crude oil unless it breaks and trades over $67.20 till Mid May. Remain on the sidelines in copper.
There are more bullish factors in gold than bearish factors. Gold is range trading but not in a medium term bearish trend. Asian gold prices are high due to swings each nations currencies. In the long term, I do not see Indian gold prices falling below 27k with 42k and 55k as price target. The only risk is a custom duty in gold prices or the Indian rupee appreciates to 62 and below against the US dollar.
Monday, Indian financial markets are closed as Mumbai votes. There will be positions squaring and rebuilding in India’s locan exchange MCX. Hedging and dehedging (comex versus MCX or MCX versus comex) can affect comex gold as well as MCX gold prices temporarily.
COMEX GOLD JUNE 2019 – current price $1282.90
Bullish over $1276.10 with $1288.10 and $1297.60 as price target
Bearish below $1271.90 with $1267.80 and $1258.60 as price target.
· Gold needs to trade over $1277.00-$1282 zone to rise to $1297.
· Sell off will be there if gold trades below $1277.
Gold June 2019: (previous day close/CMP Rs.31911)
· The first phase of rise in gold is was nearly over as it did not break 32037 yesterday.
· The next phase of rise will be there only if gold breaks past 32037 to 32174 and 32331.
· Crash will be there if gold trades below 31878 or gold does not break and trade over 32037 today.
· Trend is bullish.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING
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-- Published: Friday, 26 April 2019 | E-Mail | Print | Source: GoldSeek.com