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Asian Metals Market Update: May-2-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 2 May 2019 | Print  | Disqus 

Interest rates outlook was expected to be kept unchanged by the Federal Reserve. Fed also lowered interest rates paid on reserves. Chairman Powell's statement that that inflation risk appears to have been moderated resulted in fall in gold prices. What next for gold: Wider trading range is at $1249.60-$1263.20-$1280-$1297.10. Overall trend is down as long as gold trades below $1291. Gold needs to trade over $1255-$1260 for the rest of May to be in long term bullish zone.

 

It is a wait and watch till June meeting on changes in interest rate outlook of Federal Reserve. June FOMC meets have always been trend changing. It should be a technical trade will June FOMC for gold and the US dollar Index. Trend of crude oil prices will affect every financial market.

 

Copper crashed yesterday. Use sharp dips in copper till tomorrow to invest for next week. China and Japan are closed till tomorrow. Prices moves in industrial metals could be fake. Volumes in industrial metals are way below par.

 

Tomorrow’s US April nonfarm payrolls will also be the key. Momentum is down for gold and silver at the moment.

 

COMEX SILVER JULY 2019 – current price $1467.20

·       100% retracement is at $1455. Another wave of sell off will be below $1455 to $1436 and $1418.

·       Silver needs to trade over $1480-$1485 zone to rise further.

MCX SILVER JULY 2019 – previous day close Rs.37139

·        Trend is down. But Another wave of sell off today will be there if silver trades below 36866 to 36592 and 36156.

·        Silver needs to trade over 37317 to be in intraday bullish zone.

(prices in Indian rupees above)

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

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

Insignia Consultants does not have any branches in India.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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The analyses are based on closing price of previous day. Maintaining proper stop loss is always recommended.

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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 -- Published: Thursday, 2 May 2019 | E-Mail  | Print  | Source: GoldSeek.com

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