-- Published: Thursday, 9 November 2017 | Print | Disqus
Gold and silver are not out of the woods. So far Trump has not said anything to destabilize the markets. Fears of a surprise resulted in the rise of gold and silver yesterday. Developments in Saudi Arabia are here to stay. It may or may not affect metals and crude oil. The internet is filled with speculation that there is collusion between Israel and Saudi to expand Israel among other political agendas. Something is fishy in Saudi Arabia. Something big will happen in the Middle East over the coming months. Only big political news from the Middle east will impact global financial markets.
The trading volumes in bitcoins is not even five percent of its current potential. Bitcoins and other crypto currencies have a lot higher to go. A few Mount Gox type vanishing will be needed to prevent bitcoin prices from zooming. Nations will be forced to adopt and regulate bitcoins. Greater adoption of crypto currencies will imply greater investment demand for gold and silver.
Economically expectations of next year’s growth is driving investors. It is very rare that the same sector gives the same return or higher return in the subsequent year. In 2017, every financial investment instrument rose. It was like “birds of a feather flock together”. I believe that in 2018 around November, all the 2017 birds will move into a bear zone except gold and silver. Global economic growth will peak out in 2018. The pace of hikes of global interest rates will be slower than most expect. Rising global temperatures and greater adoption of artificial intelligence (AI) will lead to change in consumer taste and fashion and also change in jobs. Some sectors will generate more jobs while there will job losses in areas where AI takes over. Consumer debt will rise. Banks will be forced to take drastic steps to reduce bad consumer debt. Confusion and uncertainty will ensure that gold continues as a safe haven.
NYMEX CRUDE OIL (1ST CONTRACT)- current price $56.90
Bullish over $57.40 with 57.80 and $58.90 as price target
Bearish below $56.40 with $55.60 and $54.10 as price target
Key support is at $56.80. Crude oil needs to trade over $56.80 to rise to $59.20 and $61.40.
Sellers will be there below $56.80
COMEX COPPER DECEMBER 2017 – current price $310.40
Bullish over $313.30 with $316.60 and $319.10 as price target
Bearish below $310.90 with $306.60 and $302.20 as price target
Neutral Zone between: $310.90-313.30
Copper will break free from $305-$322 wider trading range and form a new range anytime.
Trade very carefully at current prices.
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. 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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