Postponement of the proposed Trump tax cut bill by the US senate by another week has resulted in mixed fortunes for the US dollar. Gold and silver are bearish. They are somehow managing to hold onto to key long term technical support. Only weekend short covering and value based physical demand can result in a rise for gold and silver. In the next seven trading sessions there are lots of global economic data releases which can reverse the current direction of every financial instrument.
2017 December will be unlike previous year December months. Trend will not be followed. CME’s expected bitcoin futures and the competition it gives to other investment class will be closely watched. There will be big one way moves. December should be the best month to make maximum profit with minimum risk.
COMEX FEBRUARY 2018 – current price $1279.30
Bullish over $1284.60 with $1289.10 and $1294.40 as price target.
Bearish below $1279.10 with $1276.80-$1271.20 and $1266.30 as price target.
Neutral Zone between: $1279.10-$1284.60
Gold needs to trade over $1276 today to prevent a fall to $1266.30 and $1260.10.
There will be short covering only if gold trades over $1285 today.
COMEX SILVER MARCH 2018 – current price $1648.50
Bullish over $1647.70 with $1673.50 and $1705.00 as price target
Bearish below $1632.70 with $1617.10 and $1601.90 as price target
Neutral Zone between: $1632.70-$1647.70
·Silver needs to trade over $1632 to rise to $1663 and $1696.
·Trend is down. Crash will be there if silver trades below $1632 after UK opens.
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 employeeshave 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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