There is no hope for gold and silver next week if they do not see short covering and rise. Physical demand for gold and silver will be high in Asia and more so in India and Indonesia as they open after a holiday. Risk traders use a buy on sharp dips strategy with a stop loss below $1255 for Monday and a stop loss below $1440 for silver for Monday. Copper is bullish and seems headed for $310 next week as long as it trades over $290. Crude oil needs to trade over $62.60 till next week to be in bullish zone.
Chinese retail gold demand will rise if it economy shows signs of a bottom. I am optimistic on Chinese retail gold demand for the next six months and expect it to rise every month. Indian gold demand should rise till June and thereafter Monsoon rains and other factors will decide. "Eid" is around 5th June. Indian retail gold jewelry demand now a days is good around "Eid".
Everyone is bullish on economy. I hope the excessive optimism does not disappoint. The global financial markets are controlled or doctored by central bankers. This is one of the reason why gold is not rising despite all positives. Gold is a malaria mosquito for central bankers. It is slowly getting immune to the central banks medicines. I am quite sure that by the end of the year, central banks medicine to ensure a lower gold price will not work. However more short term corrections cannot be ruled out.
COMEX GOLD JUNE 2019 - current price $1274.15
? Crash will be there if gold falls below $1269 (assuming some undershooting).
? Key support is at $1260.
? Gold needs to trade over $1280.80 to be in intraday bullish zone and rise to $1290 and more.
COMEX SILVER MAY 2019 - current price $1494.30
? Silver so far has resisted the crash.
? Silver crash is always scary. If silver falls then chances of $1454.30 and $1426.30 will be very high.
? Short covering will be there if silver manages to trade over $1500 after London opens.
? There can be very sharp two way moves.
HAPPY PROFITABLE TRADING & HAVE A RELAXING HOLIDAY WEEKEND
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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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