Gold rose on safe haven demand on the back of the stock market sell off. Chinese retaliation on American goods will ensure that gold continues to remain firm. Gold will rise as long as uncertainty over the bullish trend in the global stock market is there. Physical demand in Asia will rise as laggards buy gold. I also see more and more new investors starting to invest in gold. Silver will catch up later than sooner.
Industrial metals will be affected by the trend of global stock markets. I will prefer to use sharp dips till Friday to invest for the month end. Asian demand for industrial metals will be on the higher side. Industries are not building excess inventory of base metals over fears of global stock markets moving into a short term bearish phase.
I expect intraday volatility to rise. The current volatility is a day trader's paradise but a nightmare for short term investors. There is a big gap between closing prices and opening prices. Low risk traders should not leave open positions for next day.
COMEX SILVER MAY 2018 - current price $1655.00
Bullish over $1627.00 with $1669.80 and $1688.30 as price target
Bearish below $1612.00 with $1603.00 and $1596.00 as price target
?,? Silver can rise to $1680 and $1696 as long as it trades over $1640-$1645 zone.
?,? Sellers will be there below $1640.
MCX GOLD JUNE 2018 - previous day close Rs.31032
?,? Gold can rise to 31263 and 31553 as long as it trades over 30868.
?,? Trend is bullish. Bearish trend will be there only below 30868.
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. 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
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