-- Published: Thursday, 23 January 2020 | Print | Disqus
Safe haven demand (due to Chinese corona virus) is supporting gold. I expect a rise in Chinese gold demand during the Chinese New year, if the virus is not contained in the next two weeks. Chinese economy will see a short term hit. More and more Chinese will buy gold out of fear. It is the fear of the unknown that will drive more and more people to gold.
Chinese authorities are acting quickly. It remains to be seen if the corona virus spread can be stopped with further damage to Chinese retail spending. What happens next is now known? Statement from the world head organization (WHO) tomorrow will be the key.
Crude oil has crashed and fell below key technical resistances on expectation of lower Chinese demand due to the corona virus. Online sellers will gain most from the spread of the virus in China. Rest of the other sectors related with retail spending will take a hit.
NYMEX CRUDE OIL (December 2019) - current price $55.83
· Trend is down as long as crude oil trades below $56.60.
· There is a big support long term zone between $53.70-$54.70 zone.
· Today crude oil needs to trade over $56.60 to rise to $58.20 and more.
Natural gas 28th January 2020 (previous day close/CMP Rs.135.90):
· Crash or sell off will be there if NG trades below 133.10 to 129.90 and 126.10.
· Watch 133.10 all the time.
· Momentum and sentiment is very bearish. If NG falls today and tomorrow, then chances of 119.10 will be very high by Monday.
(prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 23 January 2020 | E-Mail | Print | Source: GoldSeek.com