-- Published: Thursday, 14 May 2020 | Print | Disqus
The mirage of quick growth vanished and realty bite came after Federal Reserve chairman Powell dashed hopes an early US economic recovery. He also struck down any chances of negative interest rates. Gold rose as a result. There was short covering in gold as well. At the moment gold looks headed for $1760. Silver will follow the trend of industrial metals. Overall sharp correction in silver will give bargain hunters to re-enter silver. Copper and crude oil are in a neutral zone.
Texas and other regions in USA which have reopened have seen sharp increase in new COVID infections. Trend is same for every city in the world which has reopened. Keep a close watch on the daily new increases in COVID infections in cities which have opened after lockdown or will open after lockdown. A repeat of March or April can result in stock markets crashing, industrial metals crashing and gold prices nearing $2000. Right now everyone is focused on $1800. I am not.
I have writing for the past few weeks that traders are ahead of time on stock valuations. I am right. There will be new investment demand in gold and a big increase in long positions in comex gold future if gold prices rise today.
COMEX SILVER JULY 2020 – current price $1570.70
· Silver needs to trade over $1540-$1545 zone to rise to $1595 and $1636.
· Silver will crash if it trades below $1530 anytime till Monday.
MCX Silver July 2020: (previous day close/CMP Rs.43071.00)
· Silver needs to trade over 42800-42800 zone to rise to 43500 and 4390,
· Crash will be there only below 42800.
· Keep on booking profit on every 200-300 profit today.
· Seven day view: Silver needs to trade over 42353-42561 zone to rise to 43900 and 45282. Crash will be there only below 42353.
(Prices in Indian rupee 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.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Thursday, 14 May 2020 | E-Mail | Print | Source: GoldSeek.com
