Big breakout day for gold and silver! Expecting 16% unemployment rate for tomorrow, but that will be the big price driver. It will be released on Friday at 8:30 Eastern time:
By: Chintan Karnani, Insignia Consultants - 8 May, 2020
Trade war, US unemployment, and even rise in US stock market are the reason for gold price to rise. Profit in stock trading is invested in gold. Lack of stock market margin pressure has resulted in more long positions in gold, silver, crude oil and copper. Liquidity is abundant. There is free money and lack of investment avenues. Businesses with cash are just using to trade and invest in stocks and commodities and even crypto currencies. Full Story
By: Chintan Karnani, Insignia Consultants - 7 May, 2020
It is still a range trade for gold and silver. Crude oil is rising. Copper is firm. There are buyers of physical gold ready to pay a higher premium on corrections. There are investors of gold using every small correction to invest. Gold prices are range trading. Gold bears are not holding ground. Short term silver traders are booking profit on every rise. Long term investors and physical dealers are using sharp corrections to buy/invest. Full Story
Gold's action is not bad! You can see the short-term daily chart show the downtrend in the short-term, to break out of the pattern, gold would need to get over $1737:
By: Chintan Karnani, Insignia Consultants - 5 May, 2020
There will be a sell off if gold and silver fall today. Crude oil is bullish. There will be renewed short term hot money in crude oil (long positions) if crude oil rises till Thursday. Gold is somehow managing to float over $1700. Corrections up to $1650 will be a part of the bullish trend. Short term bearish trend will be there only if gold falls below $1650. Day traders and jobbers need to remain on the sidelines. Full Story
Gold's monthly chart is at the upper Bollinger band, or resistance. It continues to push the upper band higher, bullish. Gold remains in an uptrend in the weekly chart. Momentum is up..
By: Chintan Karnani, Insignia Consultants - 4 May, 2020
Gold will remain firm on restarting US China trade tensions. Pre USA presidential drama has started. Trump has started blaming china for corona virus. Trump has restarted the trade war. The trade war is a political drama by Trump to divert mass attention from late reaction to CVOID crisis. Full Story
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