-- Published: Tuesday, 17 December 2019 | Print | Disqus
Economic news will be the key for now. Hedge funds and others are increasing their allocation to stocks for the first quarter of next year. It remains to be seen if gold ETF and gold investment demand see significant outflows. At current prices, I am against new very short term investment in gold. Silver use any 100-150 fall (if any) to invest.
TODAY: It is wait and watch trade for gold, crude oil, copper and silver. Copper and crude oil are trading at key technical resistance. They needs to trade over $279 and $60.40 to prevent a correction. There is speculation that Brexit could be postponed to next year December by UK Prime Minister Boris Johnson. Policies and action w.r.t Brexit will be closely watched. Gold should remain firm if Brexit gets delayed to next year December.
Yellow fever will be there in 2020 also. This year also, gold prices took a few months to rise. Once it started rising, it was unstoppable. Gold prices in Asian nations zoomed partly due to a weaker currencies. Asian people are waiting for sharp corrections in gold so that they can buy more and more physical gold. In 2020, gold price in India, China, UAE and Singapore among other nations will be the key driver of physical gold demand. The West, USA, UK, Eurozone are mainly a paper market for gold. Keep a close watch on local gold prices in various Asian nations.
COMEX SILVER MARCH 2020 – current price $1708.20
· Silver will break free from $1650-$1750 wider trading range and form a new range.
· I will prefer to use a buy on sharp dips strategy with a stop loss below $1586 for early January.
· Today silver can rise to $1752 as long as it trades over $1685.
· Sellers will be there below $1685.
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: Tuesday, 17 December 2019 | E-Mail | Print | Source: GoldSeek.com
