-- Published: Monday, 12 November 2018 | Print | Disqus
Gold needs to trade over $1205 to prevent a crash. Silver needs to trade over $1402 to prevent a crash. Direction of the US dollar will be the key.
Crude oil should rise as oil producing nations prepare for oil production cuts. It seems crude oil producing nations want the average nymex crude oil price to be over $66. Over shooting will happen whenever there is more global demand like the Christmas and New Year travel season and the great travel season in the northern hemisphere between May and September of every year. I expect crude oil prices to trade firm in these months unless there are compelling fundamental reasons to go short.
Copper and industrial metals will be very volatile. Short term pains and long term gains for industrial metals.
COMEX GOLD DECEMBER 2018 – current price $1211.70
Bullish over $1214.10 with $1218.80 and $1226.00 as price target.
Bearish below $1207.60 with $1202.90 and $1195.30 as price target.
Neutral Zone between: $1207.60-$1214.10.
· Crash will be there below $1204.40.
· Trend is down.
· Gold needs to trade over $1214 to rise further.
MCX CRUDE OIL NOVEMBER – previous day close Rs.4362
Bullish over 4320 with 4453 and 4556 as price target.
Bearish below 4271 with 4214 and 4169 as price target.
One Support: 4320
One Resistance: 4453
· Crude oil needs to trade over 4271-4320 zone this week to rise to 4556.
· Small sell off will be there below 4271.
· Crash will be there below 4271.
(Prices 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
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, 12 November 2018 | E-Mail | Print | Source: GoldSeek.com