-- Published: Friday, 10 January 2020 | Print | Disqus
Traders will either close short positions or go long on the weekend. Iranian risk is there. My initial reaction after the news of Ukrainian airlines crash in Tehran was that of a missile hit. I may be right. USA, Canada and UK are all now saying that Ukrainian airlines was hit an Iranian missile. In my view missile may or may not be Iranian. NATO/USA has started the escalation of war like situation with Iran. I believe that people and leadership of Iran and Iraq are peace loving and will never induce a war. Iran has huge natural resources. All the end of the day “Might is right”. USA has been using its might since world war 2 to control nations under some pretext or the others. US dollar’s purchasing power has been on a steady decline. Gold’s value has been on a rise with passing of each day.
US December nonfarm payrolls are there today. Numbers have to be over 200,000 to cause a selloff in gold. I repeat trading just on the basis of headline number can be misleading. Focus will shift to US-China trade talks from next week. Details will be the key and not the actual signing.
NYMEX CRUDE OIL (December 2019) - current price $59.42
· There can be short covering or pullback rallies as long as crude oil trades over $58.50.
· Crash or another wave of sell off today will be there only below $58.50 to $57.00 and $54.90.
COMEX COPPER MARCH 2020 – current price $280.30
· Copper can rise to $285 and $289 as long as it trades over $277.
· Seller will be there below $277.00.
MCX Nickel January 2020: (previous day close/CMP Rs.1037.40):
· Nickel can rise to 1055 and 1075 today as long as it trades over 1020.
· Crash will be there below 1020 to 1009 and 988.
(price above is in Indian Rupees)
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: Friday, 10 January 2020 | E-Mail | Print | Source: GoldSeek.com