-- Published: Monday, 28 January 2019 | Print | Disqus
US-China trade war result, FOMC and January nonfarm payrolls will be closely watched. Gold and silver demand will be dependent on the ability/inability to trade over $1300 and $1560. A big week for gold and silver bulls.
FOMC meet will be scanned for the timing of the next interest rate hike. Markets do not expect any interest rate hike this year. FOMC or Nonfarm payrolls either of them indicate the slightest chance of a June interest rate hike, then gold and silver will correct. There are lower price buyers and investors of gold. Laggards are waiting. Correction will be used to invest in gold.
Crude oil if it rises $5-$6 month on month will be slow poison for the global economy. January rise was due to December extreme fall. If crude oil (nymex) closes on 28th February over $60 and trades over $60 in March, then Asian nations will see projected second half growth getting lowered. The pace of rise of crude oil needs to be closely watched for long term demand for industrial metals. Right now, all industrial metals are bullish. I expect copper and nickel to outperform (in a big way) its peers. Copper and nickel are the golden eggs in the industrial metals space.
Aluminum can rise as US trade sanctions are lifted on Rusal and other Russian companies.
COMEX SILVER MARCH 2019 – current price $1574.80
Bullish over $1570.00 with $1605.50 and $1625.50 as price target
Bearish below $1555.50 with $1530.00 and $1515.50 as price target
Neutral Zone between: $1555.50-$1570.00
· Small sell off will be there below $1565.
· Crash will be there if silver does not break $1590.
· If silver rises, then chances of $1625 today will be very high.
MCX Nickel February 2019: (previous day close/CMP Rs.848.10):
Support: 802.30-817.00-829.00-836.70
Resistance: 855.70-868.60-890.30-919.00
· Nickel can rise to 919 this week as long as it trades over 817.00.
· Bearish trend will be there is nickel does not break 868.60.
· Trend is very bullish.
(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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-- Published: Monday, 28 January 2019 | E-Mail | Print | Source: GoldSeek.com
