-- Published: Tuesday, 21 April 2020 | Print | Disqus
Gold and silver should rise after crude oil bust up. First casualty of the crude oil bust as Singapore Police probe Hin Leong After $800 Million Oil Losses. There will be more. I remember in 2009 during the natural gas price bust, a lot of hedge funds vanished. Red Kite and copper everyone one remembers. There will be a lot energy traders who have been busted. Large hedge funds and state backed hedge funds must have received back door funding to survive. There is a lot of bailouts of energy firm which will never come out in the open.
Jobs protectionism just started worldwide as Trump has said that he plans to ban immigration into the United states due to coronavirus. Every nation will be follow Trump. Global companies will have to resort to onsite local hiring to business in every nation. The end result will the same. There will be higher demand for physical gold as an investment as dedollarization and deglobalization picks up in a big way.
Spot gold current price $1688.60: Key support: $1666-$1675 zone. Key resistance: $1704.10. Intraday view: Gold can rise to $1704 and $1721 as long as it trades below $1675. Gold will crash if it trades below $1675.
COMEX COPPER MAY 2020 – current price $227.30
· Copper needs to trade over $223-$225 zone till Friday to rise to $238 and $243.
· There will be a technical breakdown below $223.
MCX Silver May 2020: (previous day close/CMP Rs.42823.00)
· Silver needs to trade over 41917-42486 zone (till 30th April) to rise to 43696 and 44585.
· Crash for the rest of will be there if silver falls below 41917.
· TODAY: Silver needs to trade over 42486 to rise to 43696. Sell off will be there below 42486.
· Silver options will expire on 24th April (Friday) instead of 28th April.
· Price and position adjustment before options expiry on Friday will affect silver spread/badla.
(prices are in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 21 April 2020 | E-Mail | Print | Source: GoldSeek.com
