-- Published: Monday, 20 November 2017 | Print | Disqus
I have seen very big moves in global financial markets in “Thanksgiving week”. I will be cautious this week. Silver gets the best week to rise and zoom. I expect short covering with every rise in gold prices. Speculation that some hedge funds are exiting crude oil long positions is preventing the rise. A strong US economy implies more guzzle for fuel during holidays.
Crude oil is not falling due to the crisis in Saudi Arabia. There is media speculation that developments in Saudi Arabia can result in crude oil prices doubling over a period of time. Further chances of US dollar dumping by Opec is also catching investors. Bitcoin and crypto currencies are now the future means exchange. Paper currencies are now the past. Americans will control the crypto currencies in the near future but their grip will not be the same as that of the US dollar. Gold will be the only key means of exchange between central bankers and large investors.
The political crisis in Germany should also be bullish for gold. The German chancellor declaring its failure to form a government can put the Eurozone into further crisis. Currency markets will be very volatile and will be dependent (too a large extent) on the political scene in Germany.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $56.60
Bullish over $55.90 with $57.70 and $58.90 as price target
Bearish below $55.30 with $54.20 and $53.40 as price target
- Crude oil can rise to $57.70 and $58.90 as long as it trades over $55.90.
- There will be a sell off below $55.90 today.
COMEX COPPER DECEMBER 2017 – current price $305.70
Bullish over $305.00 with $308.40 and $314.50 as price target
Bearish below $302.60 with $300.20 and $296.20 as price target
Neutral Zone between: $302.60-$305.00.
- Copper has a technical resistance between $308.40 and $311.90. Only a break of this zone will trigger another wave of rise to $317.20 and $320.10.
- Support is between $301.40 and $304.20.
- Remain on the sidelines today.
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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-- Published: Monday, 20 November 2017 | E-Mail | Print | Source: GoldSeek.com
