No one anticipated negative crude oil even in the wildest of the dreams. A whooping negative -$40.32 was historic. The coming generations will have a chapter in their MBA course as to why crude oil prices reached -$40.32. The trading lesson is simple, when price move as per fundamentals, never trade against it.
Silver has not risen as it is an industrial metal. Investment demand for silver lags behind gold by a big margin. Copper and industrial metals will rise as closed factories (world over) reopen from this week.
Retail traders and retail investors or the common man is very bullish on gold. They are buying and investing on every sharp correction. Gold will move into a short term bearish phase only if their buy stop losses are triggered. BUT at the moment gold is very bullish.
Federal Reserve meeting and European central bank meeting this week can have an impact. There is speculation of negative interest by Federal Reserve. A negative interest rate in USA can result in a very sharp sell but short lived sell off in the US dollar Index.
If global stock markets crash then gold, silver and copper can see a sell off as well. Watch for political changes worldwide.
COMEX SILVER MAY 2020 - current price $1539.00
? Silver needs to trade over $1490-$1505 zone today to rise to $1615.
? Sellers will be there below $1519 and crash below $1498 today.
COMEX COPPER MAY 2020 - current price $236.50
? There will be a technical breakout if copper manages to break and trade over $238-$239 zone to $247 and $261.
? Sellers will be there below $231.00 today.
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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