-- Published: Tuesday, 8 October 2019 | Print | Disqus
Yesterday’s fall was due to inability to rise and profit taking before the US-China trade talk. Short sellers become active once gold started to fall. Right now the fall in gold is just a correction. If gold and silver fall today and tomorrow, then it will move into a short term bearish phase. I am not buying gold and silver today. Chinese are not buyers. Just remember that correction of $125-$150 from the high of $1566 will be a part and parcel of the medium term bull rally.
There is unwinding of open positions in currency markets as well as metals and energies. Short positions and long positions both are getting squared off. Traders will take a new position once there is clarity on the direction of US-China trade talks. Trump is trying to pressurize China by imposing sanctions on more Chinese tech companies. Whether that works in Trump’s favor or not remains to be seen.
A lot of buy stop losses will be triggered if gold falls today. Some short term gold investors could also book profit if gold falls today. Silver, if it falls today or tomorrow will nosedive and not correct.
COMEX GOLD DECEMBER 2019 – current price $1496.85
· Trend is down as long as gold trades below $1504.
· Crash/nosedive will be there below $1488 to $1472 and $1452.
· Gold needs to trade over $1500-$1505 zone to $1515 and $1533.
COMEX SILVER DECEMBER 2019 – current price $1745.30
· Silver needs to trade over $1730-$1740 zone to rise to $1786 and $1820.
· Crash will be there below $1730 to $1693 to $1646.
COMEX COPPER DECEMBER 2019 – current price $260.00
· Watch $260.00. Copper can move $12 either side any time from $260.
· A daily close over $260 today and continuously till Friday will revive the bullish trend.
· The recent consolidation phase will be over in copper and a new range will be formed.
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. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 8 October 2019 | E-Mail | Print | Source: GoldSeek.com