-- Published: Wednesday, 14 November 2018 | Print | Disqus
Crude oil can rise anytime. Momentum can reverse on value-based buying. I am satisfied with the gold price performance yesterday. It did not nosedive. If gold and silver do not fall today, then there will be short covering and a rise. Any reconciliation between China-USA on the trade war issue will be bullish for copper and industrial metals. Right now everything is mere speculation.
Next week is thanksgiving. One should look for profit taking in metals and energies before Thanksgiving. Crude oil can rise on short covering and subsequent building of long positions. Natural gas can fall but momentum for NG is very bullish. Nickel can also rise on short covering. The US dollar Index can fall on profit booking.
The blacklisting of Iran from international financial messaging system SWIFT serves should be very bullish for gold and crypto currencies in the long term. Crypto currencies will benefit more than gold as nations alienated by the USA will use more crypto currencies as a means of trade and exchange. Crypto currencies backed by gold should be the future currency and a replacement to the US dollar.
COMEX GOLD DECEMBER 2018 – current price $1204.30
Bullish over $1195.40 with $1210.10 and $1218.20 as price target.
Bearish below $1191.70 with $1186.40 and $1176.00 as price target.
· Gold needs to trade over $1191 to rise to $1214 and $1221.
· Sell off will be there only if gold trades below $1195.
· I will prefer to remain on the sidelines today.
MCX CRUDE OIL (18th December) – previous day close Rs.4125.00
· Key long term support is between the 3992-4034 zone.
· As long as crude oil trades over the 3992-4034 zone, it can rise to 4371 and 4684.
· Long term bearish zone will be there only if crude oil falls below 3992.
· Small sell off will be there below 4089.
· Quick rise will be there over 4166.
· Oversold.
(prices in Indian rupee 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: Wednesday, 14 November 2018 | E-Mail | Print | Source: GoldSeek.com
