-- Published: Thursday, 12 December 2019 | Print | Disqus
There will be short covering and subsequent buildup of long positions if gold and silver rise today and tomorrow. There was no surprises in FOMC meet. Now the focus will shift to European central bank meeting, impeachment news related to Trump and UK elections and the key trade deal.
Fed Chairman Jerome Powell said the economic outlook for the U.S. was favorable as the central bank announced its decision to hold rates steady, as expected, though forecast only moderate and slowing growth through 2020 and 2021. Our View: Do not believe the Federal Reserve in an election year. Central banks do make a U turn on their long term policies. Trade deal with China will not have an immediate impact on US economy. It will take at least three months to know the real impact (if at all the trade deal is signed.)
Trade deal happening or not happening will have a bigger impact and long lasting impact on global financial markets and not just precious metals and base metals. Watch the US dollar Index closely. Gold and silver will remain firm as long as the US dollar index trades with a softer bias.
COMEX SILVER MARCH 2020 – current price $1695.30
· Silver needs trade over $1685-$1690 zone to rise to $1727 and $1767.
· Sellers will be there below $1685 to $1665 and $1635.
(The above view are for today only)
COMEX COPPER MARCH 2020 – current price $278.90
· 100% retracement at $279.60 is key resistance. A break of $279.60 will result in $285.80 and $290.60.
· A daily close over $279.10 today, tomorrow and Monday should result in $303.90 by 31st December.
· Big three days ahead for copper from a technical perspective and we will also know the outcome of the so called trade deal by Monday.
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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Thursday, 12 December 2019 | E-Mail | Print | Source: GoldSeek.com
