-- Published: Wednesday, 19 February 2020 | Print | Disqus
Gold broke past $1600 after World Health Organization had cautioned there was not yet enough data to know if the epidemic had slowed. World Health Organization (WHO) Director-General said Chinese data “appears to show a decline in new cases” but any apparent trend “must be interpreted very cautiously.” Russia said it will suspend entry of many Chinese citizens.
Corporate profitability will be affected. Apple is just the beginning. More and more corporates will follow Apple. Stock’s rise is just a bubble. Corona virus news will be the key. Numbers can rise drastically as a numbers of nations did not have testing facilities and samples had to be sent to other nations. Now these nations have installed corona virus testing facilities. Global virus numbers can rise. Internal Chinese numbers can fall.
There are two types of trading strategy when any investment instrument trades in a range and we know that it can break the range anytime. (a) Aggressive trading strategy will be to put a stop loss below key support/key resistance and forget. (b) Passive/low risk trading strategy is to go long or go short on a break of key short term technical support/technical resistances. Gold traded between $1560-$1585 range for a very long time and then broken out. Aggressive trading strategy was to go long with a stop loss below $1560. Passive trading strategy was to go long on a break $1590. Both strategies are giving profit. But quantum of profit will vary. One has to keep on changing between these two types of trading strategies depending on your risk appetite. Always remember to decide the amount of loss you can bear before trading in futures.
Volatility will rise. Crude oil rise is due to short covering.
COMEX SILVER MARCH 2020 – current price $1822.70
· Silver needs to trade over $1792 to rise to $1842.40 and $1882.90.
· Sellers will be there below $1793.
· Key resistance for the rest of the month is at $1842.40.
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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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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-- Published: Wednesday, 19 February 2020 | E-Mail | Print | Source: GoldSeek.com