-- Published: Tuesday, 24 December 2019 | Print | Disqus
Gold and silver are bullish at the moment and can rise further. The more the rise, the more will be short covering and increase in long positions. This a golden Christmas for gold bulls but not so golden Christmas for the masses. Central bank are eating away are hard earned by using inflation as a policy measures for decision making. Inflation is nothing but price rise. Salaries are stable for most this year, income of small and tiny labor intensive business have reduced. Year-on-year most of the people have had a negative real income. Obsession with inflation or price rise is the culprit. Masses are revolting in every part of the globe. Part reason on my view is the frustration with increasing cost of living which central banks call inflation. Gold has to rise in an era of every increasing mass unrest and complete lack of faith in paper currencies. Another alternate is to switch to crypto currencies.
US November durable goods order sink. It has the steepest fall in six months. Do not look much into the US durable goods number as Boeing has it own problems with civil aircraft. Incoming US economic data releases is mixed which is also supporting gold.
COMEX SILVER MARCH 2020 – current price $1761.70
· Silver needs to trade over $1750-$1760 zone to rise to $1807 and $1848.
· Sellers will be there below $1740.
· Overall trend is bullish as long as silver trades over $1719.
MCX Crude oil 17th January 2020: (previous day close/CMP Rs.4325.00)
· Crude oil needs to trade over 4260-4280 zone to rise to 4438.
· Sellers will be there below 4260 to 4215 and 4140.
· Remain on the sidelines today.
· Crude oil will zoom if it rises today.
(prices are in 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: Tuesday, 24 December 2019 | E-Mail | Print | Source: GoldSeek.com
