-- Published: Wednesday, 5 June 2019 | Print | Disqus
Trading volumes will be very less in Asia and even in Europe due to “Eid”. There has been lots of news which gives a sense that precious metals are about to move away from the shackles of continued manipulation. I am hopeful that gold and silver will draw more and more short-term investors as well as medium term investors.
1. China has issued travel warning to its citizens travelling to USA to protect its citizens from harassment. Chinese citizens and students in USA are being harassment under Trump. These are all a part of the trade war.
2. The World Bank has cut its 2019 global growth forecast due to trade war. World Bank now expects global growth at 2.60% as compared to 2.90% previous forecast.
3. Federal Reserve chairman has said that he is not averse to interest rate cut if the trade dispute between USA and other nations escalate.
The above news are all bullish for gold and precious metals and bearish for the US dollar Index. Today’s US May private ADP job numbers and Friday’s US May nonfarm payrolls will be the key. If gold and silver rise from Monday (10th June), then chances of $1527 and $1670 will be very high in the short term. FOMC meeting on 18-19 June may not be relevant as the chairman Powell as more or less cleared the interest rate stance yesterday.
I am more concerned on the trend from 10th June rather than wait for FOMC. Escalation or de-escalation of the trade war will be the key. The fall in industrial metals in just a correction. If industrial metals fall on or after 10th June, then expect them to test 2016-2017 lows.
COMEX GOLD AUGUST 2019 – current price $1331.95
· Key resistance is at $1339.50.
· Gold needs to break and trade over $1339.50 to start another wave of rise to $1354 and $1373.
· Overall trend is bullish as long as gold trades over $1317.
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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us on Twitter @insigniaconsul1
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: telegram/whatsapp 9311139549
(10:30 am to 5:30 pm Indian time, Monday to Friday)
| Digg This Article
-- Published: Wednesday, 5 June 2019 | E-Mail | Print | Source: GoldSeek.com
