-- Published: Thursday, 14 November 2019 | Print | Disqus
There will be short covering and renewed buying in gold and silver if they rise today and tomorrow. Better to wait and watch before going short. Crude oil if it rises till Monday will break past $60.00 and may be even form a lower base at $60.00.
China is in a recession. There is severe jobs woes in China just like India. Chinese urban jobless rate continues to climb. Chinese service activity expanded at the slowest pace in three years. October was a festive month in both India and China. Our view: Trump is trying to capitalize on slower Chinese economy. It remains to be seen how much China bents. Gold and silver are bound to rise in the medium term to long term. If China does not accept Trump and his conditions, then there will be a war between China and any of its neighbors. War is the best way to divert people mind from economy. Gold price rises in war.
Powell’s testimony
In his remarks, Powell was upbeat about the economic outlook, seeing continued moderate growth, low inflation. Powell leaned a bit dovish, as he stressed there are “notable risks” facing the economy from the sluggish global economy to “trade developments.” He also highlighted a concern with low inflation expectations. Our view: Just trade in the technical. Incoming US economic data releases will be the key.
COMEX GOLD DECEMBER 2019 – current price $1464.50
· Gold can rise to $1475 and $1486 as long as it trades over $1456.
· Crash will be there only if gold falls below $1456 TO $1447.80 and $1432.
COMEX SILVER DECEMBER 2019 – current price $1696.80
· Silver needs to trade over $1680 to rise to $1727 and $1760.
· Crash or sell off will be there if silver trades below $1680 today to $1666 and $1637.
NYMEX CRUDE OIL (SEPTEMBER 2019) - current price $57.45
· Key resistance is at $57.80. There will be another wave of rise if crude oil manages to break and trade over $57.80 to $59.40 and $61.20.
· Crash will be there below $56.00 to $55.10 and $54.30. .
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Thursday, 14 November 2019 | E-Mail | Print | Source: GoldSeek.com
