-- 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
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 2 May 2019 | E-Mail | Print | Source: GoldSeek.com