-- Published: Tuesday, 27 November 2018 | Print | Disqus
Most investors are cautious. Nothing is rising, be it stocks, commodities or bonds. Sitting on cash is the favorite pastime of traders and investors. There will be short term certain direction after the G20 meeting and US November nonfarm payrolls on 7th December. It is just keeping a hawk eye and making the right investment. Do invest with the herd. Herd trading can result in more losses than profit in the current global investment scenario.
Trump says that he will impose additional tariffs on the remaining Chinese goods. The G20 meeting and its outcome will be the focus. Industrial metals are falling on expectation that there will be a global slowdown next year. In my view nickel and copper should form a long term bottom by January of 2019. But the pace of rise of copper and nickel (after January 2019) will be much slower than most of us expect.
The same applies to silver. The rise (if any) in silver will be very slow till March 2019. After March 2019, the pace of rise for silver will be better every quarter of 2019. Right now I do not see silver getting big investment demand. There is a flight from metals globally. (other than platinum and palladium).
COMEX GOLD DECEMBER 2018 – current price $1222.20
Bullish over $1220.80 with $1232.20 and $1237.60 as price target.
Bearish below $1217.90 with $1213.90 and $1210.10 as price target.
Neutral Zone between: $1217.90-$1220.80
· Gold will break free from the $1210-$1232 wider trading range and form a new range anytime soon.
· Small sell off will be there below $1219.40.
MCX GOLD FEBRUARY 2019 – previous day close Rs.30764
· Overall trend is down long as gold trades below 30878.
· Gold can fall to 30521 and 30395 as long as it trades below 30878.
· Only a break of 30878 will result in 31006 and 31132.
(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: Tuesday, 27 November 2018 | E-Mail | Print | Source: GoldSeek.com