Planetary conditions this week:
Moon shall be in Gemini-Cancer-Leo for the week. On 3rd May, Mercury shall turn direct. In the current week, there are two main events – FOMC on 3rd and NON-FARM PAYROLL ANNOUNCEMENT on 5th of May 2017.
Global Equity Indices
Major trend reversal is indicated on Wednesday. On 1st, US opening shall be positive but closing may be slightly negative. On 2nd and 3rd, market shall be moving in positive direction. On 4th and 5th, trend shall be negative. On 8th, the outcome of next round of French election will be public which may surprise market on either side (though astrology indicates major downside at this time but we aren’t very sure). S&P500 FUT may bounce back to 2398 in the current week. On the lower side, it can breach 2376-2372. Technically, market is bullish. If 2376 is breached then further correction is indicated.
At overall weekly closing, European markets shall be negative.
Bullion shall be negative for the day. On Tuesday, upward trend is indicated. On Wednesday, first half may be volatile but post FOMC, bullishness is possible. FOMC may not hike the interest rate in this meet. Gold has a technical support at 1260-1257 and resistance at 1276-1278 (if crossed then may go up to 1295). Thursday and Friday shall again be positive for precious metals.
On 8th May, a surprise move is indicated. Gold may cross 1295 in the meantime.
Silver has major support at 16.80. By the end of month, we expect it to move up to 18.50.
Positional traders may accumulate gold and silver on dips with S/L 1245 (GOLD) and 16.70 (SILVER) for target 1300 and 18.60 respectively.
Moon shall be moving to Cancer in late US hours, which will make Crude oil bullish till Wednesday and it may move up-to 51-52.
For crude oil, 48.40 is a major support and 50.20 is a major resistance.