-- Published: Wednesday, 22 January 2020 | Print | Disqus
Industrial metals will be impacted more by the Corona Virus in China. Silver can also be impacted. Industrial metals can sell off and test 2019 lows and even fall below 2019’s low if China’s Corona Virus becomes an epidemic. Too early to comment. A few hundred people getting diseased by the virus is not an epidemic in the world’s populous nation. The next three weeks will be crucial. Chinese internal tourism will be most affected. I am sure China is more than capable of quickly putting an end to the virus. Chinese gold demand in the New Year can fall but still should be on the higher side of the expectation curve.
Short term investment demand in gold and silver can fall on expectation that Chinese physical gold demand will be lower. I am not worried if gold and silver correct. It is wait and watch 31st January for all metals. Sharp two way price moves like yesterday can happen daily. Trade carefully. I am not sure if economic data releases will have any impact on metals, energies and currencies. Focus will be on European central bank meeting tomorrow.
COMEX GOLD FEBRUARY 2020 – current price $1551.85
· Gold will break free from $1530-$1575 range and form a new range.
· Crash or short term bearish phase will be there if gold does not break $1590 in the next two weeks.
· Better to remain on the sidelines.
Crude oil 19th February 2020: (previous day close/CMP Rs.4145.00)
· Crude oil is an anything can happen zone. Short term bearish trend will be there if crude oil trades below 4060.
· Crude oil needs to trade over 4180-4220 zone to be in bullish zone.
· Trend is slightly bearish at the moment.
(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: Wednesday, 22 January 2020 | E-Mail | Print | Source: GoldSeek.com