-- Published: Friday, 18 January 2019 | Print | Disqus
Failure of gold to break and trade over $1304 by the 25th of January will result in fatigue and a fall to $1272 and $1256. This is just a technical view. However sharp dips should be used to invest with a trailing stop loss below $1230 for the end of April and a price target over $1410.
The reason for the above cautious view (despite being very bullish on gold even at the current price of $1291.65) is that traders panic very quickly these days on every investment. Silver is the one which gets selling pressure first followed by gold. Hard assets are yet to find the 2010 midas touch. I believe that now is the time to invest in hard assets (includes land near a fresh water source as well).
There are no major US economic data releases on Monday, Tuesday and Wednesday next week. Political news will affect markets next week more than economic news. US economic data releases today need to beat street expectations for the US dollar to zoom and gold and silver to crash.
COMEX GOLD FEBRUARY 2019 – current price $1291.85
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.
Neutral Zone between: $1286.40-$1290.10
· Small sell off will be there below $1288.90.
· Gold needs to trade over $1294-$1298 zone to be in a bullish zone.
· Quick rise will be there if gold trades over $1298.60.
MCX Copper February 2019: (previous day close/CMP Rs.423.25)
Bullish over 419.10 with 428.80 and 433.60 as price target.
Bearish below 417.80 with 414.30 and 411.40 as price target.
Neutral Zone: 417.80-419.10
One Support: 419.10
One Resistance: 425.50
· Quick rise or technical breakout will be there over 425.50 to 429.80 and 436.80.
· Small sell off will be there below 419.80.
(prices 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, 18 January 2019 | E-Mail | Print | Source: GoldSeek.com
