-- Published: Thursday, 20 February 2020 | Print | Disqus
One needs to keep on booking profit as long as gold does not break $1633.80 and silver does not break $1882.90. There is a big technical resistance between $1633.80-$1648.50 and $1663.30. For gold to rise to $1900-$2000 for the rest of the year, it has to break and trade over $1633.80-$1648.50-$1663.30 zone. Why am writing this? This is always a slip between the cup and the lip. The Lip here is the long term key resistance. The Slip here is the chances of sharp correction in case gold and silver do not break past key long term resistances. Momentum and trend is all very bullish for gold and silver. But still some prudence is needed to prevent biases.
I know most of my readers are long in gold and silver. The above is just to caution in case there is a sharp correction. Central bank stimulus and corona virus is the key theme at the moment. Central bank stimulus or free money supply has resulted in gold, industrial metals, energies and Japanese yen all rising at the same time. If the inverse correlation between yen-gold works today then gold should correct anytime. Yen faces big resistance between 111.30-111.70 zone. Either gold or industrial metals can correct. Crude oil is technically bullish.
Just trade in the technical. Indian financial markets are closed tomorrow. Commodity futures in India will be open in the evening session. Indian traders will start taking positions for Monday. Brace for very sharp two way moves in gold and silver till tomorrow. Trade in the technical.
COMEX GOLD APRIL 2020 – current price $1612.25
· Gold needs to trade over $1615-$1620 zone to rise to $1644.80.
· Overall trend is bullish as long as gold trades over $1598.
Crude oil 19th March 2020: (previous day close/CMP Rs.3860.00)
· Crude oil can rise to Rs.3917 and Rs.4056 as long as it trades over Rs.3792
· Crash today will be there below Rs.3792.
· Trend at the moment is very bullish.
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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-- Published: Thursday, 20 February 2020 | E-Mail | Print | Source: GoldSeek.com