-- Published: Thursday, 25 January 2018 | Print | Disqus
Deliberate weakness of the US dollar by the Americans resulted in all metals and energies zooming. The Trump administration wants a weaker US dollar. As a gold bull, I hope that other central banks also jump into the bandwagon of weakening their currencies and we start a central bank currency war. If this happens gold will easily rise to $1961.80 before the end of the year. Manipulating currency price to achieve growth and political agenda is nothing new. The best example has been the bank of Japan. The difference between the past decade and this decade is that China is the unofficial super power. More and more nations are allying with China. Nations will go for bilateral trade treaties. The end result is that there will not be any currency which will be replace the US dollar. Gold will be a central banker’s currency. Gold will be exchanged between central bankers to settle trade imbalances.
The European central bank meeting is today. Next week is the FOMC followed by US January nonfarm payrolls. I will be looking for signs of a bottom in the US dollar index OR a short term top in the euro and sterling against the US dollar by 2nd February.
INTRADAY TRADING STRATEGY
Trend after the European central bank meeting will be the key. Crude oil can rise to $70.50 by next week if it trades over $65.50 till Monday.
COMEX SILVER MARCH 2018 – current price $1758.00
Bullish over $1730.00 with $1768.40and $1810.80 as price target
Bearish below $1712.50 with $1696-$1688 and $1673.00 as price target
· Silver needs to trade over $1730 today and tomorrow to rise to $1810.10 and $1839.
· Sellers will be there below $1730 today.
MCX SILVER MARCH 2018 – previous day close Rs.39707
· Silver can rise to 40089 and 40781 today as long as it trades over 39397.
· Sellers will be there below 39397.
· Tomorrow MCX is closed due to Republic day. If silver trades over 39826 on Monday, then it will rise to 41243 next week.
(prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 25 January 2018 | E-Mail | Print | Source: GoldSeek.com
