-- Published: Friday, 3 January 2020 | Print | Disqus
Chances of a war with Iran has resulted in gold and silver rising today. Crude oil has also risen on supply disruptions from Iraq. Only profit taking (before the weekend) can result in a crash or correction in gold and silver. However gold and silver do not correct then chances of $1575 and $1888 will be very high today. A weaker US dollar is also aiding the rise in gold and silver. Big economic data releases start is from next week.
Next week’s trend is the key for all metals, energies and the US dollar. Traders will return from vacations. Physical buyers of gold are absent at the moment. There is physical silver demand as silver is highly undervalued as compared to gold. Keep a close watch on trend of crude oil. If crude oil zooms then all the bullish dream of a bumper stock return will seem like a mirage in a desert.
COMEX GOLD FEBRUARY 2020 – current price $1540.85
· There is a massive technical congestion between $1547-$1575 zone.
· Right now, momentum is very bullish. But only a break of this $1547-$1575 zone will result in $1615.20.
· If you are long then either use stop loss or keep on booking profit as long as gold does not break $1547-$1575 zone.
· Crash till Monday will not be there if gold does not break $1575.
MCX Gold February 2020: (previous day close/CMP Rs.39664.00)
1. Key resistance is at 39895. Gold needs to break and trade over 39895 to rise to 40135 and 40709.
2. Crash or sell off will be there if gold does not break and trade over 39895.
3. Trend is very bullish.
4. Remember that these are all time high prices.
(prices 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
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.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us on Twitter @insigniaconsul1
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
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: telegram/whatsapp 9311139549
(9:30 am to 9:30 pm Indian time, Monday to Saturday)
| Digg This Article
-- Published: Friday, 3 January 2020 | E-Mail | Print | Source: GoldSeek.com
