-- Published: Friday, 17 May 2019 | Print | Disqus
There is some serious manipulation in gold. Some bank or a cartel of banks have been selling gold futures on every rise from $1330 and also gold huge amounts around $1300. One of the possible reason is to protect options investment. May and November options expiry of every year attract huge investment every year. If this is the case, then gold prices should rise after ten days.
Right now the momentum is neutral to bearish. Trump wants to attack Iran with the help of Israel. Any kind of even a limited war with Iran can result in crude oil prices zooming, global growth taking a knock down and gold price reaching $1400 if there is no manipulation.
US economic data releases are strong to ensure that there will not be any interest rate cuts this year. If jobs growth continue at the current pace in the third quarter then interest rate hike could be there.
COMEX GOLD JUNE 2019 – current price $1285.55
· $1280-$1285 is a neutral to bearish zone.
· Crash will be there if gold trades below $1280.
· Gold needs to trade over $1292-$1294 zone to have hopes of a bullish trend.
MCX CRUDE OIL (previous day close Rs.4420)
· Crude oil needs to trade over 4384 today rise to 4497.
· Sell off will be there will be there below 4384.
· Key intraday support is at 4335.
· Momentum is very bullish for crude oil
· Direction of the rupee will be the key.
(prices in Indian rupees above)
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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