-- Published: Wednesday, 22 May 2019 | Print | Disqus
Short sellers in gold and silver need to trade very carefully as long as they do not fall below $1260 and $1419. There can be very sharp pullback rallies as long as gold trades over $1260 and silver trades over $1419. Crude oil will break free from $60-$65 consolidation phase and form a new range. Copper and industrial metals can trade with a softer bias.
Momentum for gold and silver is down. However if gold and silver even consolidate till Friday, then buyers and investors will come in. Short term traders as well as short term investors are on the sidelines at the moment. Remember that no one buys in a falling market.
Economic news or new of any kind is not affecting gold and silver. There is speculation that “Banks issue and add short when price rises. Price then falls, Banks cover shorts & retire the contracts”. If this is happening then I do not know the quantum . This is a serious way of manipulating gold price. Gold price with a softer bias in the short term as long as this practice is followed by banks. Gold will rise to $1350 and more only if this practice is stopped and/or someone challenges banks to cover their short positions.
COMEX GOLD JUNE 2019 – current price $1273.45
· Momentum is down.
· Crash will be there if gold trades below $1266.
· Trade very carefully between $1265-$1275 zone, despite the bearish trend.
· In case gold does not fall below $1265 by Friday then it will rise to $1300.
COMEX SILVER JULY 2019 – current price $1442.20
· Crash will be there if silver trades below $1428.
· Silver needs to trade over $1450-$1455 zone to be in intraday bullish zone.
· Better to remain on the sidelines today.
NYMEX CRUDE OIL (JUNE 2019) - current price $62.57
· Key support is at $62.20.
· Crash will be there below $62.20.
· Crude oil needs to trade over $63.00 today to rise further.
· Trend is neutral.
COMEX COPPER JULY 2019 – current price $271.30
· Crash will be there if copper trades below $269.00.
· Copper needs to trade over $275.00 to rise further.
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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-- Published: Wednesday, 22 May 2019 | E-Mail | Print | Source: GoldSeek.com