-- Published: Friday, 11 January 2019 | Print | Disqus
Federal Reserve chairman has assured investors that Federal Reserve will be patient raising interest rates going forward. US dollar is weaker across the globe but has not nosedived. Investors are cautious as $1300 and $1600 are yet to be broken. If US government shutdowns into next week too, then it is just a matter of time that gold and silver will break past key resistances of $1300 and $1600.
Every news if positive for gold. Gold bulls have the best start to a new year (after many factors and factor wise). If they cannot encash the same, fears of a sharp correction will drive away investors from gold into something else. Gold has to break and trade over $1309 by 18th January to encash the all round positive set of news.
Bank of England governor says that the US dollar will eventually loose its reserve currency status. This is the view of most central banks chiefs. Gold will rise till the world does not find the alternate to the US dollar. In my view the US dollar replacement will anything backed by gold. It could be cryptos backed by gold or a combination of currencies backed by gold. Physical gold will be the key in future. Might will be with those who have physical gold. Futures and ETF prices are subject to easy manipulation.
COMEX GOLD FEBRUARY 2019 – current price $1290.30
Bullish over $1298.10 with $1306.80 and $1316.10 as price target
Bearish below $1290.30 with $1287.10 and $1279.90 as price target.
Neutral Zone between: $1290.30-$1298.10
· Small sell off will be there below $1288.30
· Watch $1290. Gold can move $15 either side from $1290.
COMEX SILVER MARCH 2019 – current price $1568.20
Bullish over $1570.00 with $1595.50 and $1615.00 as price target
Bearish below $1555.50 with $1533.50 and $1519.50 as price target
Neutral Zone between: $1555.50-$1570.00
· Small sell off will be there below $1560.
· Crash will be there below $1547.
· Silver needs to trade over $1585-$1590 zone to attract short covering and zoom.
NYMEX CRUDE OIL (JANUARY 2019) - current price $52.27
Bullish over $52.30 with $53.00 and $55.00 as price target
Bearish below $50.30 with $49.10 and $48.30 as price target
Trading strategy: Buy over 52.30 strict stop loss $51.60 for $54.60.
· There will be another wave of rise over $52.50 to $55.00.
· Small sell off will be there below $51.60.
· Trend is bullish.
COMEX COPPER MARCH 2019 – current price $264.60
Bullish over $261.00 with $269.10 and $273.20 as price target
Bearish below $258.10 with $254.80 and $251.40 as price target
Neutral Zone between: $258.10-$261.00
· Small sell off will be there below $263.40.
· Copper needs to trade over $266-$267 zone to rise further.
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, 11 January 2019 | E-Mail | Print | Source: GoldSeek.com
