-- Published: Tuesday, 29 January 2019 | Print | Disqus
Venezuela is nearing to be another Iran or Libya as it is trying to switch away from US dollar to other currencies on its crude oil and other natural resources. There will be a regime change in Venezuela soon. Russia and China will not be able to stop a regime change in Venezuela. UK has declined to give Venezuela its gold. The message is clear, US and UK will not give gold to nations have given gold to them during the pre-world war II era. The net result will be more and more nations will try and switch away from the US dollar and increase gold reserves. Individuals in USA and Europe will also be buying more gold as their currencies face a long-term decline in the net purchasing power.
Huawei Chinese spying case is just a media propaganda to prevent cheap and good quality Chinese equipment from reaching the masses. NATO is a group controlled by Oligarchs. Oligarchs sell goods, services and equipment’s at exorbitant prices. Oligarchs are the conman under which the common man suffers and will continuously suffer. There will be revolt all over the world against the Oligarchs like the yellow vest protestors in France. Gold has to only rise.
Theresa May has a completely new plan for brexit. The new brexit plan is not known. There is no assurance that this plan will be approved by UK parliamentarians or the Eurozone members. Uncertainties still exit. As long as Brexit uncertainties exist, gold will remain firm. Downside risk will be limited.
Gold demand is virtually zero in India. If Indian gold prices stay over Rs.33000 per ten grams till next week and show no signs of correction, then retail buyers will start buying.
COMEX GOLD FEBRUARY 2019 – current price $1303.10
Bullish over $1304.40 with $1310.30 and $1319.10 as price target
Bearish below $1296.10 with $1291.90 and $1285.50 as price target.
· Small sell off will be there below $1296.90
· Crash will be there if gold does not break $1310.
· A daily close over $1300 today and till Friday will pave the way for $1376.
MCX Copper February 2019: (previous day close/CMP Rs.422.50)
Bullish over 426.20 with 431.20 and 436.80 as price target.
Bearish below 422.00 with 417.90 and 414.10 as price target.
Neutral Zone: 422.00-426.20
One Support: 422.00
One Resistance: 430.10
· Copper failed to break and trade over 430-431 zone.
· Copper will trade in 413-430 wider range as long as 431 is not broken.
· Small sell off will be there below 422.00.
· Crash will be there below 419.80 today.
(prices in Indian rupee 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 its 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: Tuesday, 29 January 2019 | E-Mail | Print | Source: GoldSeek.com