-- Published: Thursday, 5 December 2019 | Print | Disqus
Gold and silver would have skyrocketed yesterday but for news of nearing of a trade deal. US November private ADP numbers stood at 67,000. If nonfarm payrolls on Friday matches ADP, then chances of interest rate cut in next week FOMC could be very high. Gold just corrected on trade deal news while silver fell. Crude oil zoomed. Trump has a history of flip-flop, unless a trade deal is actually signed gold prices will remain firm.
Gold prices will crash or sell off only if chances of another trade deal (with China) after next week’s trade deal (with China) gets going. Chinese are saying that the current trade deal (if any) with USA will be the first phase, it can be followed by second phase, third phase and successive numbers.
Silver continues to be undervalued. The recent range trade will be broken soon and a new range will be formed. Silver is lacking investment demand and investment hype as compared to gold. Whole world wants to invest in gold and very few in silver. Silver demand by way of jewelery purchases and industries will be the key to attracting short term hot money in silver. I continue to remain bullish in silver in the medium term to long term. In the short term, silver will play a second fiddle to gold.
News from China and Japan: - Japan unveiled a $120 billion (93.53 billion pounds) fiscal package to support stalling growth. There are still apprehensions on US-China overall relations after the trade deal.
COMEX SILVER MARCH 2020 – current price $1694.20
· Crash will be there if silver trades below $1680 today to $1661 and $1636.
· Silver needs to trade over $1700-$1707 zone to rise to $1742 and more.
COMEX COPPER MARCH 2020 – current price $265.60
Bullish over $262.90 with $267.10 and $270.30 as price target
Bearish below $260.90 with $258.80 and $254.40 as price target
Neutral Zone between: $260.90-$262.90
· Back to square one as copper continues to trade in $260-$270 range. This range will be broken soon and a new range will be formed soon.
MCX Crude oil 18th December 2019: (previous day close/CMP Rs.4184.00)
· Key resistance is at 4239. A break of 4239 will result in 4356 and 4496.
· Sellers will be there below 4149 and crash will be there only below 4080.
(prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 5 December 2019 | E-Mail | Print | Source: GoldSeek.com
