-- Published: Thursday, 6 December 2018 | Print | Disqus
Lots and lots of US economic data releases are there today and till 14th December. Most traders believe that the trend of metals and the US dollar Index will be set after the release of US nonfarm payrolls tomorrow. I do not think so. Next week also there can be trend changing US economic data releases like retail sales and GDP numbers. Physical demand of silver is there in India and Asia. But quick spikes happen when investment demand surges or herd trading happens.
I am sure that China and the USA will try and douse the speculation that a trade deal may not happen. It is more in China’s interest to get a trade deal by importing more goods from the USA and also ensure compliance to global IPR norms. Results will not be visible overnight as most of the goods are shipped to China by sea and not by air.
US December private ADP number today will be the key. Fed testimony has been postponed. It is not known when it will happen. Trade very carefully till Monday. We all would like to have a happy and profitable Christmas. We are just three weeks away from Christmas. Do not set a target profit for extra spending for Christmas. Take a calculated risk with strict trailing stop losses. But at the same time do not miss instant profit making opportunities.
COMEX GOLD FEBRUARY 2019 – current price $1243.60
Bullish over $1238.10 with $1251.70 and $1258.30 as price target
Bearish below $1235.10 with $1231.90 and $1221.30 as price target
Neutral Zone between: $1235.10-$1238.10
· Only a break of $1251.70 will trigger a rise to $1262 and $1276.
· Small sell off will be there below $1238.60.
· Trend is slightly bullish.
MCX GOLD FEBRUARY 2019 – previous day close Rs.31075
· Key resistance is at 31189.
· There will be another wave of rise if gold manages to trade over 31189 to 31305 and 31589.
· Corrections up to 30869 are the part of the bullish trend.
· Short term bearish trend will be there only below 30869.
· I prefer to go long in gold if and only if trades over 31189 with some strict trailing stop loss.
(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: Thursday, 6 December 2018 | E-Mail | Print | Source: GoldSeek.com