-- Published: Monday, 27 January 2020 | Print | Disqus
Gold and silver will remain firm as long unless a vaccine to the Chinese corona virus is found. Treatment is there for the virus but there is no vaccine. The quicker the spread of the corona virus globally the quicker will gold and silver rise. Yen will also fall sharply if the numbers zoom. Numbers (of people affected by the corona virus) are suppressed or fudged globally to prevent a panic.
Spread of Chinese Corona Virus and it related news
1. China says virus's ability to spread getting stronger.
2. Chinese authorities are also saying that knowledge of the new virus is limited and that they are unclear on the risks posed by mutations of the virus.
3. China has also come forward with news that the virus can spread before symptoms show. The country's health minister Ma Xiaowei confirmed the news, which has panicked some US doctors.
4. Hong Kong has also banned the entry of visitors from China’s Hubei province, where the new coronavirus outbreak was first reported.
5. China is also planning to extend the New Year Holidays beyond 30th January to prevent the spread of this disease.
Industrial metals are on the verge of testing key long term support. If they continue to fall after London opens, then there will be a technical breakdown and another wave of sell off. It remains to be seen if Nymex crude oil manages to trade over $50.00.
Trump and his impeachment, Middle east talks and other things are there as well. Do not ignore them. Volatility will rise.
COMEX SILVER MARCH 2020 – current price $1822.70
Bullish over $1810.00 with $1839.90 and $1876 as price target
Bearish below $1796.50 with $1783.30 and $1755.00 as price target
· Silver needs to trade over $1800-$1810 zone to rise to $1860 and $1880.
· Remain on the sidelines in silver.
· Key resistances are yet to be broken.
MCX Crude oil 19th February 2020: (previous day close/CMP Rs.3789.00)
· Crash will be there only below 3731 to 3667-3600 and 3500.
· Crude oil needs to trade over 3850-3880 zone to rise further.
· Oversold. Rise can happen anytime.
(prices in Indian rupees above)
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-- Published: Monday, 27 January 2020 | E-Mail | Print | Source: GoldSeek.com