Friday, May 7, 2021 TIME 1:39 PM IST
How to Trade in MCX Gold and MCX silver after the release of US April NonFarm Payrolls (NFP)
It is very difficult to predict the trend of gold and silver after NFP. Headline numbers have been misleading. Trading based on headline NFP number has resulted in losses may a times in the past.
An NFP number of 1million jobs creation is the expectation and has been factored in by the markets. ADP jobs creation was just over 700,000. NFP has to match ADP in case the numbers comes in lower. NFP below 700,000 can result in gold price rising to 51015 in the short term.
Gold will crash only if NFP number comes in at or over 1.20 million or gold trades below 47093 till days close at 11:30pm.
Silver has to trade over 70425 till next week to be in a bullish zone and rise to 75857.
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. Customer care, whatsapp/telegram 9311139549
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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