-- Published: Wednesday, 9 January 2019 | Print | Disqus
Big moves will be there in metals, energies and the US dollar Index only after the outcome of US-China trade talks are known. Till then, the consolidation phase will be there. Focus of the world in on a Chinese slowdown. Long term metal investors are on the sidelines as they expect slower and lower Chinese demand. If the trade talks succeed and all issues comes to an end once and for all, then also, the Chinese economic growth will not happen overnight. It will take at least another quarter to see actual higher and sustained growth.
Britain’s Parliament narrowly approved financial roadblocks that are designed to make it more difficult for the country to leave the European Union without a Brexit deal, giving a defeat to Prime Minister Theresa May’s government. Our View: Brexit developments will ensure higher investment demand for gold, silver and other hard assets. Cable will be very volatile.
Only a nerd and foolish global leaders will take any combined steps to cause a global slowdown. The decline in the purchasing power of the US dollar has been there and will continue into the next decade as well. Only gold can be replacement or any instrument backed by gold. I see gold trading in $1150-$1530 wider trading range this year. Yes $1530 is possible this year if global democratic political system gets a complete breakdown. I do not foresee gold falling below $1150, unless Federal Reserve raises interest rates more than two time this year.
NYMEX CRUDE OIL (JANUARY 2019) - current price $50.56
Bullish over $50.40 with $51.70 and $53.20 as price target
Bearish below $49.70 with $48.90 and $47.90 as price target
· 200 week moving average at $52.20 is the key resistance.
· Watch $50.40. Crude oil can move $4 either side anytime from $50.40.
· Trend is bullish.
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: Wednesday, 9 January 2019 | E-Mail | Print | Source: GoldSeek.com