Spot gold did not fall below $4000.00. Spot silver did not fall below $60.00. I brought some physical silver in India and intend to buy more if there is more fall.
I believe that a medium-term bottom may have been formed in precious metals and non-ferrous metals, and a long-term top has been formed in global crude oil futures. Japan, the UK, and the US governments are all short-selling crude oil futures to prevent a further spike in global crude oil prices. However, there is a big disconnect between the price a country is paying for physical crude oil and manipulated crude oil futures.
• Federal Reserve Miran says they still expect to reduce interest rates four times by 2026, according to their projections.
Gold, silver, and copper prices will more than double by November if there are four interest rates of 0.25% this year. (All four will happen by the September Federal Reserve meeting.) This will increase global liquidity supply in a big way, sell off in the US dollar index, crash in US bond yields, and rise in US stocks. Asia will not get the benefit of the US interest rate cuts. Only China, South Korea, and Japan will benefit.
Israel, the USA, and NATO forces are all bombing Iran. Iran is forced to retaliate. I prefer to ignore all the peace talk news and focus on the technical.
Traders and people are comparing similarities between the Ukraine war and the Iran war. Please ignore such comparisons; otherwise, there will be huge losses. Trump, along with son-in-law Kushner, the family, and the global Jewish cabal, are all manipulating the price of every asset class. Billions of US dollars are being made every day. Forget Ukraine and focus on today.
Follow the 80:20 Rule for trading in gold, silver, and copper. How? If we buy on key support (in gold and silver and copper) there is an eighty percent chance we will be get profit (in the next two years). Loss should be only in twenty percent of the trade/investment. The only thing we need to avoid is impulsive, emotional, and compulsive trading. (I will be totally wrong in this view if global stock markets continue to crash and WTI crude oil trades over $110.00 for a few weeks to a few months.).
Intraday traders remain on the sidelines. Long-term investors need not worry an iota. I will not be confident whether traders will take the risk and go short for Monday in gold and silver.
Spot Silver – Current Market Price $67.59
- 100 day simple MA: $78.79
- 200 day simple MA: $61.93
- TODAY VIEW: Spot silver has to trade over $65.10 today and tomorrow to rise to $79.53, $83.35 and more.
- Crash or sell off will be there if spot silver trades below $65.10 after the London open and till days close.
- Views are intraday unless otherwise specified.
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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