Comex Report: 9th April 2019

By: Admin
2 weeks ago
1885

Insignia Consultants

New Delhi

Tuesday, April 9, 2019

TIME 7:30 AM IST                       

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COMEX FUTURES REPORT  

I am bullish on gold and silver today. Short covering and new long positions will be built if gold and silver rise today. FOMC minutes is something which traders are waiting. I do not expect any surprises in FOMC minutes.

 

Crude oil rise will be cause of concern. Venezuela and Libya are critical to global crude oil production. Thanks to Trump, supplies from both these nations are way below normal. The pace of rise of crude oil will only derail Asian growth and global growth. Watch crude oil price trend closely. Also be on the look for signs of correction.

 

Trump is now threatening European Union with new trade tariffs. The move is just to support Boeing as its rival Airbus is getting more orders after a Boeing latest plane crashes. A steady decline and decay in the USA-European Union relation is happening as a result of Trump’s bully attitude. Gold will rise. European Union will also reduce dependence on American exports and diversify as a counter to continued American threats. I believe that the North Atlantic Treaty Orgonization (NATO) is under a long term threat. It may not happen now. I expect it after six years. I Trump gets reelected in the next elections then America could suffer loneliness and alienation in the world. The only alternate is gold and will be gold in response to American trade colonization which the world is experiencing under Trump.

 

COMEX GOLD JUNE 2019 – current price $1303.05

Bullish over $1294.10 with $1307.60 and $1323.10 as price target

Bearish below $1290.10 with $1286.90 and $1279.10 as price target.

Neutral Zone between: $1290.10-$1294.10

  • Gold will zoom if it trades over $1300 to $1310 and $1323.
  • Sell off will be there only below $1296 today.

COMEX SILVER MAY 2019 – current price $1521.30

Bullish over $1500.80 with $1536.00 and $1556.00 as price target

Bearish below $1492.00 with $1483.00 and $1460.50 as price target

Neutral Zone between: $1492.00-$1500.80

  • Silver needs to trade over $1520 to rise to $1556 and $1580.
  • Small sell off will be there below $1514.
  • Use a buy on sharp dips strategy.

NYMEX CRUDE OIL (MARCH 2019)  - current price $64.40       

Bullish over $64.20 with $65.60 and $67.10 as price target

Bearish below $62.40 with $61.40 and $59.70 as price target

  • Watch $64.00. Crude oil can move $2.50 either side from $2.50.

COMEX COPPER MAY 2019 – current price $292.80

Bullish over $291.80 with $295.50 and $299.60 as price target

Bearish below $289.10 with $284.30 and $281.70 as price target

  • Crash will be there below $290.90.
  • Quick rise will be there if copper trades over $293.10.
  • Remain on the sidelines today.

HAPPY PROFITABLE TRADING

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: 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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