-- Published: Wednesday, 4 March 2020 | Print | Disqus
Reduction in interest rate differential (after the Federal reserve interest rate cut of 0.50%) has resulted in US dollar index falling and gold/silver prices rising. Copper and crude oil are firm on hopes that negative economic impact will be short lived. All monetary measures will be useless in the very short term by central banks if the corona virus infects more and more people worldwide.
Last weekend almost all major media websites were saying that there can be a coordinated central bank interest rate cut this week. Federal Reserve cut interest rate yesterday was a part of the same. Unless a vaccine or a standard medication is found to treat the corona virus all central bank measures will be useless. Keep a close watch on potential job losses in India, USA and major nations.
Volatility will be very high in all metals and energies. I am not sure whether US jobs numbers will have a significant impact on gold price.
COMEX SILVER MAY 2020 – current price $1722.70
· Silver needs to trade over $1700 to rise to $1767 and $1800.
· Key resistance till Friday is at $1767.
COMEX COPPER MAY 2020 – current price $259.20
Bullish over $259.00 with $263.80 and $269.00 as price target
Bearish below $257.30 with $256.00 and $253.80 as price target
· Copper needs to trade over $256 to rise to $266.
· Crash will be there below $256.
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. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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-- Published: Wednesday, 4 March 2020 | E-Mail | Print | Source: GoldSeek.com
