-- Published: Thursday, 7 May 2020 | Print | Disqus
It is still a range trade for gold and silver. Crude oil is rising. Copper is firm. There are buyers of physical gold ready to pay a higher premium on corrections. There are investors of gold using every small correction to invest. Gold prices are range trading. Gold bears are not holding ground. Short term silver traders are booking profit on every rise. Long term investors and physical dealers are using sharp corrections to buy/invest.
US private ADP numbers and other US economic data releases did not have any significant impact on gold, silver, copper and crude oil. Soccer leagues in Eurozone is expected to be started and played behind closed stadiums soon. Europe will slowly open up. There are talks between Eurozone members for summer travel between nations. Tourism can give the much needed economic boost to Eurozone. People from UK will not allowed to holiday in Eurozone for the time being.
UK, USA and Russia are key concerns for spread of CVOID. Uncertainty is there on pace of global growth and jobs. Uncertainty always results in higher gold prices.
Gold view till 31st May.
Spot gold has to trade over $1636-$1650 zone till 31st May to rise to $1801. Short term bearish phase will be there only if gold trades below $1650 to $1601 and $1549. However new investors of gold wait till Monday.
Day traders and jobbers keep on booking profit on all your trades. Trend of gold after US April nonfarm payrolls (tomorrow) will be the key.
COMEX GOLD JUNE 2020 – current price $1694.90
· Gold needs to trade over $1680-$1683 zone to rise to $1711 and $1737.
· Sellers will be there below $1690 and crash below $1678 today.
· Day traders and jobbers watch $1695. Gold can move $17 either side from $1695.
MCX Silver July 2020: (previous day close/CMP Rs.41970.00)
· There is a triple bottom around 40600. Silver can rise to 43056 and 44429 as long as it trades over 40600.
· 100 day moving average is around 44429. This is the key long term resistance.
· Crash or sell off will be there if silver trades below 40600 anytime in May to 39037 and 36412.
· Day traders and jobbers should remain on the sidelines till Monday.
(prices 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
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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-- Published: Thursday, 7 May 2020 | E-Mail | Print | Source: GoldSeek.com
