-- Published: Monday, 4 May 2020 | Print | Disqus
Gold will remain firm on restarting US China trade tensions. Pre USA presidential drama has started. Trump has started blaming china for corona virus. Trump has restarted the trade war. The trade war is a political drama by Trump to divert mass attention from late reaction to CVOID crisis. There will be more such politically motivated things by Trump. Gold will remain firm till November. There can be sharp corrections in gold. There can be some long periods of wider range consolidation in gold price. Pre US presidential election months (beginning from May) will prevent gold prices from moving into a short term bearish zone.
To me June is big month for global economy and CVOID spread/unspread. Optimism (that CVOID will be controlled soon) is driving stock markets into a big rally and industrial metals are also rising. Towards the end of May (after Ramadan ends) any significant signs of continued global lockdown can result in a big crash in stocks and industrial metals.
Gold inflows into exchanged traded funds rose last week, but some large sellers in comex futures prevented gold big price from a big rise. Gold jewelery demand is zero.
Gold prices can see a sharp sell off if and when traders switch from gold into crude oil and stocks. I am looking at inverse correlation between gold and crude oil this week.
COMEX GOLD JUNE 2020 – current price $1709.25
Bullish over $1695.40 with $1717.30 and $1749.90 as price target.
Bearish below $1684.40 with $1666.00 and $1647.80 as price target
· Gold will break free from $1680-$1740 range and form a new range by Wednesday.
· As long as gold trades over $1690-$1695 zone it can rise to $1757.
MCX Gold June 2020: (previous day close/CMP Rs.45541.00)
1. Intraday View: Gold can rise to 46037 and 46607 as long as it trades over 45400.
2. Weekly View: Key support is at 44602. Gold can rise to 46607 and 47687 this week as long as it trades over 44602. Gold will move into a short term bearish phase only if it trades below 44602 this week.
3. Watch the direction of the rupee against the US dollar this week. Significant gains of Usd/inr can will result in gold testing 44602 key support.
4. Day traders and jobbers remain on the sidelines.
(prices are in Indian rupees above)
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
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
ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: telegram/whatsapp 9311139549
(9:30 am to 9:30 pm Indian time, Monday to Saturday)
| Digg This Article
-- Published: Monday, 4 May 2020 | E-Mail | Print | Source: GoldSeek.com
