9th April: Gold report

Insignia Consultants

New Delhi

Monday, April 09, 2018

TIME 06:50 AM IST                       

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ASIAN METALS MARKET UPDATE

The disappointing thing was that gold and silver were not able to rise after the release of disappointing US March nonfarm numbers. The perception of traders it seems that cyclical factors such as early Easters has resulted in the fall in March jobs numbers and that US economy will continue to hire over 200,000 jobs from April onwards. The threshold point for US nonfarm payrolls is 160,000. June interest rate hike the Federal Reserve is not yet a done deal. I am least concerned about US economy in March. April to June is a crucial for US economic growth as well as global economic growth. Economic trend of the current quarter will dictate the central bank policies for next year.

US dollar has not nosedived against the major currencies. Net long positions of euro against the euro had fallen last week. Direction of the US dollar is the key. Physical gold and silver demand in North India and Pakistan is zilch. Intention to buy gold at lower prices in India, Pakistan is very high.

INTRADAY TRADING STRATEGY

Boom or bust week for gold and silver. Corrections in crude oil are a part and parcel of a long term bull rally. Sharp corrections (if any) in copper should be used to invest for the long term. I will prefer to be on the sidelines in gold and silver till USA opens.

COMEX GOLD JUNE 2018 – current price $1334.80

Bullish over $1337.50 with $$1343.80-1347.50 and $1353.80 as price target

Bearish below $1331.50 with $1325.50 and $1317.60 as price target.

  • Gold needs to trade over $1328-$1331 zone to rise to $1347 and $1356.
  • Sellers will be there below $1328.00.

MCXGOLD JUNE 2018 – previous day close Rs.30694

  • Gold needs to trade over 30545-30513 zone today to rise to 30783 and 30916.
  • Bearish trend will be there below 30513.

HAPPY PROFITABLE TRADING

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) — after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

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

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