The technical correction in gold, silver, copper, and crude oil is over yesterday. The next big wave of sell-off will be there only if they fall below yesterday’s low. The message is simple: Only a slump in global stock markets will cause a sell-off in precious metals, base metals, and energies. Fundamentals are dictating the markets. It remains to be seen how long fundamentals will affect price moves. Yeah, most of the time, short-term price moves are purely speculative.
Trend after 3:30 pm Indian Time is the key for precious metals, base metals, and energies. Gold, silver, copper, crude oil, and natural gas have to trade over the current price after 3:30 pm Indian Time, and days close to be in an intraday bullish zone. Failure to do so will result in another wave of sell-off.
US economic data releases include Durable goods numbers. The number will have limited impact as the world focus is on interest rates. Anything can still happen. Intraday volatility will be very high.
This is a Pre FOMC week. All price fall/crashes in gold and silver till 4th May, FOMC meeting will be called a correction. If gold and silver continue to fall on or after 5th May, then a chance of a fall to $1784.30 (gold) and $2080.40 (silver) will be very high.
Spot Silver:
- Silver has to trade over $23.55-$23.75 wider range till Friday to rise to $24.91 and $25.50.
- The next big wave of sell-off will be there if silver trades below $23.55-$23.75 range.
- Short sellers keep on booking profit till silver does not fall below $23.00 till next week.
- New medium-term investors can start investing in silver in every small amount and average it out on every $1.50 fall (if any) for Diwali and Christmas.
NYMEX CRUDE OIL (June 2022)
- Crude oil has to trade over $96.40 to rise to $103.10 and $107.40.
- Crude oil will crash only if it trades below $96.40 today.
Insignia Consultants -- Web: www.insigniaconsultants.in
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
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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