-- Published: Tuesday, 4 June 2019 | Print | Disqus
Gold faces key resistance at $1339.10. Gold needs to break and trade over $1339.10 to rise to $1353 and $1374. Sell off will be there if gold does not break and trade over $1339.10. Speculation of interest rate cuts by the Federal Reserve will be bullish for gold and silver. Momentum is very bullish. Today and tomorrow are very crucial days for continuance of bullish trend. Silver needs to trade over $1503 to ally fears that the current trend reversal will be sustainable. Copper and crude oil are in a neutral zone.
Trump and his trade wars are being extended to Chinese citizens and Chinese students living in USA under the pretext of having ties to Beijing. Trump wants to limit Chinese students coming to USA. But remember that Facebook’s Zukerberg’s wife is also a Chinese. Universities in USA will suffer as a lot it them rely on foreign students for profit.
USA May private ADP jobs number and US May nonfarm payrolls will be the key. Any clear indication of an interest rate cut by the Federal Reserve over the coming months can result in US dollar Index falling to 92 and below.
COMEX SILVER JULY 2019 – current price $1478.90
· Silver needs to trade over $1477 to rise to $1503 and $1523.
· Small sell off will be there below $1463.
· Silver needs a daily close over $1477 today and till 10th June (Monday) to restart its bullish trend and rise to $1660.
NYMEX CRUDE OIL (JUNE 2019) - current price $53.09
· Crash will be there below $51.70.
· Crude oil needs to trade over $53.00 to rise to $55.00 and $57.0.
· Remain on the sidelines today.
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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-- Published: Tuesday, 4 June 2019 | E-Mail | Print | Source: GoldSeek.com
