-- Published: Thursday, 19 December 2019 | Print | Disqus
Gold and silver are unchanged after majority of lawmakers in the U.S. House of Representatives voted to impeach Trump. In my view, gold and silver will remain firm due to Trump and his impeachment related news. Only some yearend profit taking in gold can result in a sell off. Exceptional year end US economic data release can also result in a selloff in gold.
One needs to be ready to trade and make profit when prices trade in a narrow range. Most of us have got used to very high volatility in gold and silver. In 2003 and 2004 if gold prices had an intraday high-low of over $10 we used to party at the end of the day. Now a day’s average volatility in gold is over $15. New traders and new investors are not able to trade in gold or invest in gold for the short term. In 2020, one needs to be ready for both long periods of range bound trade and periods of very high volatility in all metals, energies and stock indices.
In light of Trump impeachment and the associated US political drama, if you are going on a vacation for Christmas and New Year, then preferable close very short term trades. Do not use high stop losses as you will be at the mercy of Trump. Trump will not be silent. Trump will fight tooth and nail to gather American masses against his impeachment. Trump’s actions and inaction’s can increase his positive votes among American people BUT the same can be very bad for global economy and global politics. This is a world where billionaires and trillionaires can buy everything. Trump is a part of the global elite club. Metals, energies and the US dollar Index will see sudden knee jerk price moves followed by long periods of consolidation. A bad trade or a bad short term investment, you will be busted.
COMEX SILVER MARCH 2020 – current price $1710.50
· Sellers will be there below $1690.
· Silver will zoom to $1756 and $1786 if it trades over $1721 today or tomorrow.
MCX Silver March 2020: (previous day close/CMP Rs.44556.00)
1. Silver will zoom if it manages to break and trade over 44802 to 45069-45350 and 45873.
2. Sellers will be there below 44100 to 43837 and 43514.
(prices above are in Indian rupees)
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, 19 December 2019 | E-Mail | Print | Source: GoldSeek.com