-- Published: Monday, 6 January 2020 | Print | Disqus
Gold faces big resistance between $1590-$1610 zone. Only a break of this zone will result in $1707.50 and $1822 in the near term. Short term hot money will flow into gold if it rises this week. Gold could be a Las Vegas if it rises this week. The quicker the pace of rise, the more will be short term volatility in gold. I will be closely watching the pace of rise and not the actual rise. Silver if it rises this week, will easily break past key long term resistances. Chances of spot silver breaking past $20.00 will be high if it rises this week. Silver will be uncatchable if it breaks and trades over $20.00. Silver the Dragon is about to roar.
Sharp fall in India’s official gold imports in 2019: India imported 831 tonnes of gold in 2019 as compared to 944 tonnes in 2018. Our view in Indian gold imports: I do not believe these numbers. Just ignore it or throw them in the dustbin. The scale of gold smuggling in India cannot be envisaged. Every day in every custom border (whether it is land, air or sea), smuggled gold in some way or some form is caught. It is very difficult to quantify the smuggled gold in India. Price difference with some nations is between Rs.7000-Rs.10,000 per ten grams. This a huge price differential. (Very soon I will be writing an article on my view on India’s gold smuggling after taking inputs from our esteemed jeweler clients and other people associated with physical gold.)
Right now focus is on Iran. Focus will shift to US economic data releases from Wednesday to Friday. Momentum is very bullish for gold, silver and crude oil.
COMEX SILVER MARCH 2020 – current price $1846.80
· Silver needs to trade over $1840-$1850 zone today to rise to $1912.00 and $2000.
· Sellers will be there below $1824 OR incase silver does not break $1861 immediate resistance. .
NYMEX CRUDE OIL (December 2019) - current price $64.40
· Crude oil needs to break and trade over $65.20 to rise to $69.80,
· Watch $65.20 all the time.
· Overall trend is bullish as long as crude oil trades over $62.60.
MCX Crude oil 17th January 2020: (previous day close/CMP Rs.4658.00)
· Crude oil needs to trade over 4638 till Wednesday to rise to 4710-4777 and 4872
· Sellers will be there below 4638.
· Watch 4638 all the time.
(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: Monday, 6 January 2020 | E-Mail | Print | Source: GoldSeek.com
