-- Published: Tuesday, 7 May 2019 | Print | Disqus
Trump and his twitter trumpet of reigniting trade war failed to life gold price yesterday. Short covering will be there if gold breaks and trades over $1290-$1292 zone. Silver needs to trade over $1500 to rise further. Copper and crude oil may have formed a short term bottom yesterday. “Akshay Tritiya” demand if it comes in below expectations in India can result in small correction in gold prices. Wider trading for gold is at $1270-$1300. So right now in the short term gold is in a no man’s land. I prefer to use sharp dips to invest for month end with a stop loss below $1240.
Prefer to remain on the sidelines in silver, copper and crude oil. Chinese demand will be the key for all industrial metals. Crude oil will be volatile.
Gold Question and Answer
My family doctor has asked me a question: His close relative’s daughter has a marriage in India in early August. But they want to sell scrap gold first and then buy. He is adamant that it will scrap sales first and then a buy. He has been a friend, philosopher and guide in my life and not just a doctor. My advise: Indian gold price (per ten gram) closed around Rs.32400 on 6th May 2019. In my view physical gold price should move in Rs.31000 to 33500 wider trading range till early August. Right now I will advise him to go for scrap sales in small quantities and aggressively if gold prices break past Rs.33100. Preferred gold buying price is around Rs.31700 and till Rs.31000. (Gold prices will move into a medium term bearish zone if physical gold prices fall below Rs.31000). I am bullish on gold for Diwali and year end. But more short term correction cannot be ruled out. Risk for gold bears in India is a hung parliament as Indian rupee can weaken to 72.00 and more against the US dollar if there is a hung parliament.
COMEX GOLD JUNE 2019 – current price $1283.95
· Gold needs to trade over $1276-$1280 zone to try and rise to $1290-$1297 zone.
· Crash will be there below $1276.
· Risk traders use a buy on dips strategy with a stop loss below $1270 for tomorrow.
COMEX SILVER JULY 2019 – current price $1493.70
· Silver needs to trade over $1470-$1480 zone to rise to $1516 and $1539.
· Crash will be there below $1470.
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 7 May 2019 | E-Mail | Print | Source: GoldSeek.com