-- Published: Wednesday, 8 May 2019 | Print | Disqus
Stock bump should be very bullish for gold. I write once again that short covering and subsequent long position building will be there if gold manages to trade over $1292. If gold rises till Monday close, then I am very confident of a $1310 and $1330. Rise and fall both will be big. Silver will lag gold but will rise if supported by gold.
Two big crude oil consuming nations India and China have shaky economic fundamentals. Fundamentally crude oil and industrial metals can be vulnerable to sharp crashes.
Trend to Monday will be key to all metals and energies. The world does not want an all-out trade war. Trade war will be short term gains for the US economy and US dollar but long term misery for the US economy and US dollar. Crypto currencies have restarted their bull run due as it is once again attracting more and more retail investors. Gold is ever green and the best hedge against long term breakdown in currency markets or paper assets.
COMEX GOLD JUNE 2019 – current price $1287.55
· There will be a quick rise if gold manages to break and trade over $1292.70 to $1298 and $1310.
· As long as gold trades over $1278, downside risk will be limited.
MCX Gold June 2019: (previous day close/CMP Rs.31770)
· Key resistance is at 31823.
· Gold needs to trade over 31823 to start another wave of rise to 31955 and 32116.
· Crash will be there if (a) Gold does not trade over 31823 (b) Gold trades below 31592.
(prices are in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Wednesday, 8 May 2019 | E-Mail | Print | Source: GoldSeek.com