-- Published: Friday, 11 October 2019 | Print | Disqus
Do not believe in Trump on the trade deal. Let there be a trade deal and the details made public. Then only gold will fall. Till there is a confirmation of a trade deal, I will prefer to use a buy on sharp dips strategy for gold and silver. Intraday volatility will rise in gold and silver.
Traders and investors are used to one way price moves. It seems they do not like wider range trading. I have received a number of queries regarding range bound trade in gold. Just remember that chances of a bigger trend reversal are high if prices of any investment instrument trades one way defying fundamentals. The latest example was bitcoin. Price consolidation of gold is good for continued bullishness. Gold price can correct more and then start a rise to $2000. But remember that day trading is a different ball game.
Bearish case scenario if there is a trade deal. Be prepared for a knee jerk price move.
Gold: It can fall to $1482.50 and $1452.10 if there is a trade deal. Correction upto $1452 (if any) will be part of the bullish trend.
Silver: Silver can fall to $1673.80 and $1626.80 if there a sell off due to a favorable trade deal between USA and China. However use the dips to invest for Diwali and Christmas.
COMEX SILVER DECEMBER 2019 – current price $1757.30
· Silver needs to trade over $1730 to rise to $1800 and $1857.
· Crash will be there below $1730.
COMEX COPPER DECEMBER 2019 – current price $261.90
· Copper needs to trade over $259 to rise to $269.
· Use a buy on sharp dips strategy with a stop loss below $246 for the rest of the month.
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: Friday, 11 October 2019 | E-Mail | Print | Source: GoldSeek.com