Brexit deal has been postponed till 31st October with a review in June. Brexit news will not affect pound for two months. Indonesia and India election trend will be closely watched over the next two months. Australian elections on 18th May will have a zero effect on global currency markets. USA-China have agreed to open enforcement offices on each side for the trade deal. I believe that the USA-China war is not over. Trump will howl over lack of implementation of trade deal from the Chinese side.
Chances of correction will be high as long as crude oil does not break and trade over $65.20. Copper will break free from the recent consolidation phase and form a new range.
There was nothing new in FOMC minutes or the European central bank meeting. It will be just a technical trade today. I will prefer to remain on the sidelines today till London opens. Sideways price moves will increase fears a correction and will prevent buyers from going long in gold.
Most of the key event risk are over. Traders will start taking positions for the Easter vacations next week till tomorrow. There can be sudden abrupt price moves in metals, energies and the US dollar.
COMEX SILVER MAY 2019 - current price $1518.20
Bullish over $1500.80 with $1536.00 and $1556.00 as price target
Bearish below $1492.00 with $1483.00 and $1460.50 as price target
? Silver needs to trade over $1509 to rise to $1532 and $1556.
? Small sell off will be there below $1512.
? Day traders remain on the sidelines.
MCX Silver May 2019: (previous day close/CMP Rs.37861)
? Silver needs to trade over 37450-37500 zone to rise to 38236 and 38500.
? Crash will be there below 37450 today.
(prices are in Indian rupees above)
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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