FOMC minutes will have a zero impact on precious metals and bases. Correction or a price crash (if any) will be called risk reduction on long positions before FOMC minutes and profit-taking before Monday’s Memorial Day holiday in the USA.
Overbought conditions and mini double top formation in selected asset classes can cause a stinking crash (in case the falling trend continues for more than six hours). Buyers are there on dips. They will continue to do so as prices are reversing/rising quickly after any major fall.
Iran’s succession plan needs a close watch on the geopolitical front more than the Ukraine-Russia war or the Israel-Hamas war. India’s physical demand for gold and silver will start in a big way only from the middle of June. Cash is still used in a big way to buy gold/silver in any form. Limits on carrying cash and storing cash will be over by the middle of June. (once the central election results are declared.) India’s physical demand for gold and silver on or after 15th June till 15th November can impact short-term price trends. (Long-term bullish trend in gold and silver will not change, unless humans start paying for the air we breathe and also pay for every drop of water we use.)
Spot Gold – intraday view
- Spot gold can fall to $2408.20 and $2384.00 and more as long as it trades below $2428.50.
- Intraday bullish trend will be there only on a sustained fall below $2428.50
Spot Silver – intraday view
- Spot silver has to trade over $31.70 to be in an intraday bullish zone and rise to $32.76 and $33.57.
- Watch $31.70. Spot silver can move $1-$1.50 either side from $31.70.
Disclaimer
- The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
- The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
- I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.
Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.
NOTES TO THE ABOVE REPORT
- ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
- Follow us on Twitter @chintankarnani
- PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
- PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
- THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
- ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
- ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
- TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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