-- Published: Thursday, 17 January 2019 | Print | Disqus
COMEX FUTURES REPORT
The Brexit vote is over. Theresa May survives. Her next moves will be closely watched. Political uncertainty will result in gold trading with a firm bias. Traders will now start taking positions for Tuesday as Monday is a holiday in the USA. The US dollar is firm due to its safe haven status over the Pound and Euro.
Focus will now be on economic data releases and its impact on interest rates, inflation and aversion of slowdown/recession. The Chinese central bank yesterday injected record amounts of liquidity. There will be short term spike in Chinese domestic consumption which will be bullish for industrial metals. Chinese factories will be closed in the month end for their New Year. Chinese buyers of industrial will be absent from the market as the month progresses. HOWEVER the world and gold bulls will be glued to the Chinese gold demand trend in the upcoming Chinese Year of the Pig. Silver demand will also be high but focus world over is on Chinese gold demand. A higher than expected Chinese gold demand will result in gold trying to break past $1310 key resistance.
COMEX GOLD FEBRUARY 2019 – current price $1293.20
Bullish over $1290.10 with $1296.10 and $1304.30 as price target.
Bearish below $1286.40 with $1280.20 and $1274.90 as price target.
· Small sell off will be there below $1290.90.
· Gold needs to trade over $1292-$1296 zone to be in a bullish zone.
· Quick rise will be there if gold trades over $1298.60.
MCX Natural gas 28th January 19 (previous day close/CMP Rs.247.90):
Bullish over 250.60 with 263.60 and 273.50 as price target.
Bearish below 246.10 with 239.70 and 227.70 as price target.
One Support: 240.10
One Resistance: 263.60
· Small sell off will be there below 240.10.
· NG needs to trade over 250-254 zone for another wave of rise.
· Key resistance till future close is at 268.10.
(prices are in Indian rupees above)
COMEX COPPER MARCH 2019 – current price $266.80
Bullish over $263.90 with $270.50 and $274.80 as price target
Bearish below $261.10 with $259.40 and $256.80 as price target
· Copper can rise to $271 and $276.80 as long as it trades over the $263.50-$264.50 zone.
· Small sell off will be there below $264.50.
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, 17 January 2019 | E-Mail | Print | Source: GoldSeek.com