-- Published: Tuesday, 26 February 2019 | Print | Disqus
The correction in industrial metals was a case of “buy the rumour and sell the fact”. The rumour was a trade deal between USA-China. Now that the trade deal is more or less a done deal, there was profit booking. There can be more corrections in industrial metals and thereafter a period of consolidation. The next big move will be next week around the release of various US jobs numbers. Once details of the US-China trade deal is known, industrial metals will form a medium term trend. Right now, I will prefer to trade cautiously in industrial metals till the third week of March.
Trump caused a correction in crude oil prices. Crude oil is not in a bear trend. Crude oil could consolidate in $52-$59 wider range for some time. Global economic trends need to show signs of extreme slowdown for crude oil prices to crash. Corrections (if any) upto $48 will be part of the bull trend and should be used to invest. At current prices, remain on the sidelines.
COMEX GOLD APRIL 2019 – current price $1332.10
Bullish over $1328.10 with $1339.10 and $1346.60 as price target
Bearish below $1324.10 with $1319.50 and $1310.50 as price target.
· Small sell off will be there below $1326.50.
· Crash will be there below $1319.50.
· Gold needs a daily close over $1330-$1333 zone today to be in bullish zone.
MCX Gold April 2019: (previous day close/CMP Rs.33300)
· Crash will be there if gold does not break 33515 by tomorrow.
· Small sell off will be there below 33249.
· Gold needs to trade over 33515 to zoom.
· I am against buying gold (till Friday) unless it breaks and trades over 33600 with strict stop loss.
(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, 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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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The analyses are based on closing price as per February 19, 2019. Maintaining proper stop loss is always recommended.
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-- Published: Tuesday, 26 February 2019 | E-Mail | Print | Source: GoldSeek.com