-- Published: Thursday, 9 January 2020 | Print | Disqus
Gold and silver may have formed a short term top yesterday. If tomorrow’s US December nonfarm payrolls matches ADP jobs, then gold and silver can see further sell off. Signing of the US-China trade deal and the details released thereof will be closely watched next week. Iran situation will be fragile over the coming weeks and months. There will be phases of escalation of geopolitical situation in Middle East followed by de-escalation (like yesterday) throughout the year. Only an actual armed conflict between NATO and Iran will result in gold prices becoming a runaway bride. The damage has been done on Iran-NATO relations. Investors, traders and everyone will use sharp dips to invest in gold in all ways. I have always preferred physical gold for long term investment over futures and ETF. I am not changing my view this year too.
Buy stop losses were triggered which added to the selloff. Volatility will rise today and next week too. U.S. President Donald Trump said an Iranian missile strike on bases in Iraq had not harmed American troops and damage was minimal. Trump and his history of “U turns” will also result in higher gold investment demand.
India’s MCX has imposed additional margin of one percent on gold and crude oil futures trading from 13th January and 2% from 20th January.
COMEX SILVER MARCH 2020 – current price $1817.70
· Silver needs to trade over $1795-$1805 zone to rise to $1850 and $1888.
· Crash or sell will be there if silver trades below $1800 to $1778 and $1728.
MCX Crude oil 17th January 2020: (previous day close/CMP Rs.4260.00)
· Key short term support is at 4190. Crude oil needs to trade over 4190 to rise to 4373 and 4484.
· Crash or sell off will be there only below 4191 to 4075 and 3960.
· Day traders keep on booking profit on all your energy trades.
· Do not trade without a stop loss.
(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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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-- Published: Thursday, 9 January 2020 | E-Mail | Print | Source: GoldSeek.com