-- Published: Friday, 3 April 2020 | Print | Disqus
Gold, silver and copper are bullish. Crude oil is bullish. But some weekend correction can be there. At the moment rise in crude oil is short covering. If crude oil manages to trade over $23.00 till Tuesday, then chances of a long term bottom formation will be very high.
A lot of people are worried as to what will happen to gold and silver after the release of today’s US March nonfarm payrolls? Simple Answer: Gold and silver will rise after NFP. Sharp correction before the release of NFP or after the release of NFP should be used to go long.
Only reduction of difference between spot gold and comex gold future (which is currently at $22.00) can result in a sharp correction in gold. Asian gold demand is not the key at the moment. Asian gold demand will be the key only in May. I am hopeful that corona virus will top out in Asia (except China) by end April. Gold investment demand all over the world is the key price to price. Physical availability of gold will reduce will passing of each week.
COMEX SILVER MAY 2020 – current price $1463.70
· Silver can rise to $1701 by next week as long as it trades over $1370-$1390 zone.
· Crash in silver will be there if $1520 is not broken by next week.
NYMEX CRUDE OIL (April 2020) - current price $24.20
· Crude oil needs to trade over $22.00-$23.00 zone till next week to rise to $29.70 and $32.00.
· Crash will be there only below 22.00.
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NOTES TO THE ABOVE REPORT
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-- Published: Friday, 3 April 2020 | E-Mail | Print | Source: GoldSeek.com
