Wish everyone a very colorful holi
The region between $1290-$1310 is a very dangerous zone for day traders. Right now gold is bullish and looks headed for $1330+. Trend (after FOMC) in gold and silver n Thursday and Friday is the key. There will be buyers on dips and short covering if gold and silver rise on the latter half of the week. Brexit is still in a limbo. China buying more farm products from USA as a part of the trade talks will not add to job creation in USA. Traders and global investment community is focused in Nonfarm payrolls and not Farm payrolls of USA. Protection of Intellectual Property Rights (IPR) is short term gains for American tech industry but long term pains as China will overtake American tech in the long run.
Dutch terror attacks yesterday is a retaliation of the Mosque attacks in New Zealand. Gold is being supported by the rise in terror threats. Terror is reaching peace parts of the world. This is what happens when nations and politicians embrace Islam and welcome Islamic migrants. Europe, Australia and most of the so called white nations are embracing Islam. My personal bias has always been towards anti-migrants.
The young generations of Islamic people are hardliners. They are being radicalized from the age of kids. Facebook, twitter, whatsapp, telegram and others social networking apps have only speeded up the radicalization of Muslim kids and teenagers. I have spent my childhood the city of Calcutta. It is a multi-cultural city. All the religions used to live together in peace and harmony. Islamic youth and Islamic people are peaceful loving. The vested interest are converting Islamic kids and teenagers into hardliners. Gold has to rise. This is a demographic change. It cannot be ignored.
COMEX GOLD APRIL 2019 - current price $1305.05
Bullish over $1303.10 with $1309.10 and $1315.50 as price target
Bearish below $1297.90 with $1290.10 and $1282.70 as price target.
? Gold will zoom if it manages to trade over $1310.
? As long as gold trades over $1290 for the rest of the week, downside risk will be limited.
COMEX SILVER MAY 2019 - current price $1537.70
Bullish over $1519.50 with $1556.50 and $1577.00 as price target
Bearish below $1498.50 with $1485.00 and $1470.00 as price target
Neutral Zone between: $1498.50-$1519.50
? $1490-$1556 is the wider trading range till tomorrow.
? I prefer to use a buy on dips strategy with a stop loss below $1490 for Friday.
HAPPY PROFITABLE TRADING
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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