-- Published: Thursday, 30 January 2020 | Print | Disqus
Just trade in the technical till Monday. Trump and his impeachment could be closed by Friday. This can result in some mild correction in gold. It remains to be seen how the prices in all metals and energies will move once China reopens. Various US jobs numbers will be released next week. Focus will be on global economy next week. Fundamentals will dictate price of all metals and energies next week.
The World Health Organization called a meeting of its Emergency Committee today to consider issuing a global alarm as the death toll from the spreading coronavirus rose to 170 and the number of cases jumped. Our view: Gold prices will zoom and industrial metals will nosedive if WHO declares a global emergency over corona virus.
1. Powell said he was cautiously optimistic about the global outlook and was not worried about immediate risk from China.
2. Powell suggested the FOMC is likely to remain on hold for quite some time assuming little changes in current trends.
3. The U.S. economy is in good shape.
4. Federal Reserve is closely monitoring the severity of the deadly coronavirus and the potential for the illness to disrupt the global economy.
Interest rate will be unchanged till June in USA. Most central banks will either cut interest rates or maintain the current interest rates till June. Global liquidity conditions will either rise or remain stable.
Corona virus incubation time is between one day to fourteen days. The real picture of the spread of corona virus will be known only after Valentine day. Till then trend in gold, silver, crude oil and industrial metals can change every now and then.
COMEX SILVER MARCH 2020 – current price $1759.30
· Silver can rise to $1800 as long as it trades over $1724.
· Sellers will be there below $1724.
MCX Copper February 2020: (previous day close/CMP Rs.428.10)
· Crash will be there only below 426 to 423.90 and 419.90.
· Copper has to trade over 431 today to be in intraday bullish zone.
· Trend and momentum is down for copper. There can be a technical breakdown if copper falls today.
(prices are in Indian rupees above)
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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-- Published: Thursday, 30 January 2020 | E-Mail | Print | Source: GoldSeek.com