-- Published: Friday, 20 December 2019 | Print | Disqus
Do not think of 2020. Just focus on end January. January is significant for three reasons for financial markets (a) Trump and his impeachment proceedings (b) Chinese New year is around 25th January. Chinese retail demand numbers and Chinese demand for gold and silver will be the key. (c) Brexit and increase or decrease in global mass unrest in India, Hongkong etc. At this point all these factors are bullish for gold and silver. Gold and silver will move into short term bearish zone only when economics or growth override politics.
Most of the traders are preparing to leave for Christmas and New year vacations. Traders will either square off the open positions in gold and silver or go long. Due to Trump and his impeachment traders will prefer not to go short for the year end. Crude oil if it rises today and Monday will target $66 and further at $70 in January.
There can be unknown and abrupt price moves in gold, silver, copper and crude oil. One needs to be alert. I am bullish on gold investment demand. Mass unrest will result in more and more people increasing their allocation to gold.
COMEX GOLD FEBRUARY 2020 – current price $1481.80
Bullish over $1477.30 with $1488.40 and $1496.30 as price target
Bearish below $1472.40 with $1467.80 and $1456.40 as price target
1. Gold needs to trade over $1473-$1478 zone to rise to $1490 and $1500.
2. Crash if gold falls below $1473 today.
COMEX COPPER MARCH 2020 – current price $282.60
1. Copper needs to trade over $278-$279 zone to rise to $284.60 and $289.
2. Seller will be there below $278 to $272.
3. A daily close over $278 today should be bullish for copper for next week.
MCX Copper December 2019: (previous day close/CMP Rs.444.90)
- Copper can rise to 449.30 and 452.20 as long as it trades over 443.50.
- Sellers will be there below 443.50.
- Crash till future close will be there if copper does not break 450.90.
(prices are Indian rupees above)
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, 20 December 2019 | E-Mail | Print | Source: GoldSeek.com