-- Published: Friday, 21 December 2018 | Print | Disqus
Just one request, please do not trade while drunk during the vacations. Merry Christmas. Enjoy the present and forget the past.
Gold needs a close over $1260 and silver needs a close over $1490 today to zoom next week. Volumes will be there from Asia. Trading volumes will be down next week but not zero. Holiday goers will enjoy as petrol/diesel prices are low. The current market situation is that one should not leave any open positions while on holiday. Anything can happen. Apart from economics everything can affect gold, silver, energies and precious metals.
Only a sustained trade war can cause a recession. Else the global economy will recover from the draconian recession word and move towards neutral. I am bullish on industrial metals after the first quarter. The Euro and pound price trend against the US dollar will be dependent on the political situation in France, Germany and the UK. Economics will play a lesser role in deciding currency market trends for European currencies. Asian currency price will be mainly dependent on global energy price trends.
The U.S. Justice Department announced indictments accusing Chinese officials of coordinating a decade-long espionage campaign to steal intellectual property and other data from dozens of companies, adding to tensions amid the trade war between the two nations. Our view: Bullish for gold. Industrial metals will trade with a softer bias.
Trump trying to pullout American troops from Syria and Afghanistan will not go down well with democrats and republicans. It is just and wait and watch. Trump will be alienated in such a move. Defense secretary Mattis has already resigned. Our view: Bullish for gold.
COMEX GOLD FEBRUARY 2019 – current price $1264.25
Bullish over $1255.10 with $1271.70 and $1287.60 as price target
Bearish below $1249.90 with $1246.40 and $1238.60 as price target
Neutral Zone between: $1249.90-$1255.10
· Overall trend is bullish as long as gold trades over $1254.
· There will be a technical breakout if gold trades over $1271.40.
· Small sell off will be there below $1254.00.
· A daily close over $1260 will be very bullish for next week.
MCX GOLD FEBRUARY 2019 – previous day close Rs.31311.00
· 50 day moving average at 31339 is the key resistance.
· Gold needs to trade over 31339 to rise to 31573 and 31717.
· Small sell off will be there below 31212.
· Direction of the rupee against the US dollar will be the key today.
(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
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: Friday, 21 December 2018 | E-Mail | Print | Source: GoldSeek.com
