-- Published: Tuesday, 5 May 2020 | Print | Disqus
There will be a sell off if gold and silver fall today. Crude oil is bullish. There will be renewed short term hot money in crude oil (long positions) if crude oil rises till Thursday. Gold is somehow managing to float over $1700. Corrections up to $1650 will be a part of the bullish trend. Short term bearish trend will be there only if gold falls below $1650. Day traders and jobbers need to remain on the sidelines.
Copper and industrial metals are all bullish. Tomorrow’s trend is the key. Some of my esteemed clients in India are asking me why gold prices are not falling since there is zero demand and there will be huge distress sale in India. My answer is (a) The near death of paper currencies is on the anvil. The spead has increased after CVOID (b) Gold prices will remain firm as long as physical shortage looms. (c) There are no alternate to gold as a safe haven. {Gold prices will sell off when there are alternate safe investment avenues.) (d) Gold investment demand has risen sharply in April. Immediate sell off in gold will be there as and when people book profit in gold ETF or create net short positions in comex gold futures.
Watch the US dollar Index till tomorrow. It will crash or sell off if it trades below 98.70.
COMEX SILVER JULY 2020 – current price $1484.80
Bullish over $1490.00 with $1542.00 and $1585 as price target
Bearish below $1474.00 with $1449.50 and $1419.30 as price target
· Silver needs to trade over $1470-$1475 zone to rise to $1525 and $1571. .
· Sellers will be there below $1480 and crash below $1460 today.
NYMEX CRUDE OIL (June) - current price $21.87
· Crude oil will rise rapidly on a break of $22.30 to $25.00 and $30.20.
· Trend till Friday is bullish as long as crude oil trades over $19.60.
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: Tuesday, 5 May 2020 | E-Mail | Print | Source: GoldSeek.com
