-- Published: Thursday, 3 January 2019 | Print | Disqus
Traders and investors are focused on a global slowdown. Economic data releases worldwide need to beat street expectation to change the negative sentiment. US December private ADP numbers need to beat street expectation for the US dollar to rise and gold and silver to correct. However political uncertainty in the UK and Eurozone will prevent a major collapse in gold and silver. I will prefer to use sharp dips in gold and silver to invest for quarter end.
The world is concerned of a Chinese slowdown/recession. The Chinese are taking steps to spruce up their economy. Results will not be overnight. It will take a few months for the Chinese economy to show signs of a long term bottom. The good thing is that Chinese factories will be less reliant on US exports. In order to diffuse the trade war, Chinese will import more US farm produce, US crude oil among other ways to deescalate the trade war. In the long term (three years to five years), Chinese will retaliate with interest. It is better to remain invested in gold or start investing in gold if you have not invested.
COMEX SILVER MARCH 2019 – current price $1562.50
Bullish over $1552.50 with $1570.00 and $1609.00 as price target
Bearish below $1522.50 with $1510.50 and $1486.50 as price target
· Silver needs to trade over $1560 today to attract short covering and rise to $1590 and $1630.
· Small sell off will be there below $1550.
· Crash will be there if silver does not break $1590.
MCX GOLD FEBRUARY 2019 – previous day close Rs. 31610.
· Only a break of 31783 will trigger another wave of rise to 32169.
· Crash will be there if gold does not break 31783 by tomorrow.
· Small sell off will be there below 31528.
(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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-- Published: Thursday, 3 January 2019 | E-Mail | Print | Source: GoldSeek.com