-- Published: Friday, 13 December 2019 | Print | Disqus
There can be some calendar year end profit taking in gold by medium term investors and hedge funds IF and WHEN the details of US-China signed trade deal are known. I am not writing off gold and silver at the moment. I will prefer to read the full details of the trade deal and then take a call on short term investment decision in gold and silver. However I will prefer selected Indian stocks over gold and silver as there are a lot of stocks in Indian exchanges which should give over fourty percent return in the next twelve months.
YESTERDAY, Gold and silver zoomed after the European central bank chief press conference s. “Punctured” is the word I will use after gold and silver prices crashed like a pack of cards after news on nearing of US-China trade deal. Today focus will be on impact of UK election results on Brexit and signing of US-China trade deal and official statement from both nations. Remind you that the actual trade deal is yet to be signed.
Positive sign is that gold did not fall below $1460 and silver did not fall below $1650. Trend is down at the moment. Positive impact of US-China trade deal on global economy, on sentiments (consumer and business) and short term value in stocks over gold/safe havens can result in gold and silver trading with a softer bias or even crashing.
Trend of Asian currencies against the US dollar in 2020 will play a key role in physical gold demand and gold investment in Asia. This year most Asian currencies traded weak against the greenback. Gold prices in almost every nation rose to a historical high.
COMEX GOLD FEBRUARY 2020 – current price $1472.30
· Gold needs to trade over $1460-$1465 zone to rise to $1485 and $1496.
· Crash will be there if gold falls below $1460 today OR does not break $1495.10 by next week to $1419.10.
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, 13 December 2019 | E-Mail | Print | Source: GoldSeek.com