-- Published: Monday, 29 April 2019 | Print | Disqus
ASIAN METALS MARKET UPDATE
Gold needs to break and trade over $1290-$1292 zone to attract short covering. Spot silver needs to trade over $15.10 to attract short covering. Crude oil needs to trade over $60.00-$60.60 this week to be in bullish zone. Copper is in neutral zone. Japanese markets are closed this week till 5th May. So the sea calm is there in bullion and currencies.
US dollar will gain further or gold will see a sell off this week only if the FOMC meet discards any interest rate cut towards the end of the year. This is only sign which traders will look to. Outlook on US economy is positive and will be positive as trade war comes to an end. Slight slowdown should not be cause of worry.
One should ignore US April nonfarm payrolls from a long term perspective. Easters in April will give us a distorted number. US nonfarm payrolls in May and June is very crucial from a long term perspective. NFP on Friday needs to come in over 200,000 without any previous month downward revisions. Before the NFP, the ADP jobs number should also come in over 200,000 for US dollar to gain further.
There should be a good gold demand in India this week as the Hindu marriage season proceeds. Mumbai is closed. Indian rupee will be dictated by Calcutta. Rupee trend will be distorted. Gold price in India today will be skewed.
Keep a close watch on Nickel. Use any five percent fall (if any) to invest
COMEX GOLD JUNE 2019 – current price $1287.00
· Gold needs to trade over $1290.00-$1284 zone to rise to $1297 and $1309.
· Sell off will be there if gold trades below $1279.
NYMEX CRUDE OIL (JUNE 2019) - current price $62.94
· Crash will be there only below $60.40.
· In case crude oil does not fall below $60.40 by Thursday, then will rise to $70.00 in the short term.
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: Monday, 29 April 2019 | E-Mail | Print | Source: GoldSeek.com
