Before we look at tonight’s Precious Metals charts I would like to make a comment on the US stock markets. I will take some flack over some of the comments I’m going to make but that’s fine as it won’t be the first time nor the last.
Let me start by saying, “The only rule when it comes to trading the stock markets is, “There Are No Rules.” The other important rule that I live by is that, “the markets are always right regardless of what I think.” Full Story
Gold testing $1,800 resistance, traders should take note of this area and possibility for more bullion banks attacking the metal as they remain heavily short. In the general markets, we are nearing the upside target..
By: Chintan Karnani, Insignia Consultants - 29 April, 2020
I expect some more additional stimulus measures today. Federal Reserve will copy its counter parts of bank of Japan and bank of England on additional stimulus measures. European central bank meeting tomorrow will have least impact on gold and silver. It can impact Euro versus the US dollar and Euro versus the Yen. Full Story
Settlement times come in at 1:30pm EST. Down day in energy, Oil ETF changes rules again, liquidating all front month-June contracts! Gold markets had a powerful day but in a consolidation phase..
Bank of America made two very bold precious metal price predictions this week. The bank said silver could rally to $20 an ounce due to a rebound of economic growth later in the year. Spot silver last traded at $20 in 2016 and is down 14 percent so far in 2020. Secondly, the bank says gold could nearly double to $3,000 an ounce over the next 18 months as central bank stimulus and economic turmoil drives record interest in the metal. The bank released this forecast in a report titled “The Fed can’t print gold.” Full Story
By: Chintan Karnani, Insignia Consultants - 27 April, 2020
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. Full Story
Gold monthly chart shows Bollinger band resistance around $1703. Momentum is strong. Weekly gold has 18-week MA around $1,600+ and the bullish pattern is shown well on the weekly..
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