-- 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)
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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
Follow us on Twitter @insigniaconsul1
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
You can also mail your queries at email@example.com
Chat Id: telegram/whatsapp 9311139549
(9:30 am to 9:30 pm Indian time, Monday to Saturday)
| Digg This Article
-- Published: Thursday, 23 January 2020 | E-Mail | Print | Source: GoldSeek.com