-- Published: Tuesday, 25 February 2020 | Print | Disqus
Silver has not risen at all. Just trade in the technical in silver. Corrections in gold are healthy. There are lots of US economic data next week. US various February jobs report will be there next week. Correction or profit booking in gold and silver will be there. Corrections will be healthy to ensure that the current rally in gold is a sustainable one. A continued one way rise will imply a boom-bust scenario for gold.
Copper and Nickel are still great long term bets. Use dips (if any) till end March to invest for end December and 2021. Buy some far dated call options in copper and nickel.
For the rest of the year, as long as nymex crude oil trades over $47.00, it can still rise to $66.00 and $72.00.
Do day trading but look for opportunities for long term investing as well. Copper, nickel and platinum are great for long term. The pace of rise for these metals will vary every quarter. Masses know that gold price will rise to $2000 anytime. So I better not comment on the need for long term investing in gold.
Corona virus acting as a crooner?
Forget about the virus and its economic implications. Just look for clues and news on the spread within Eurozone. Do not go by world health organization (WHO) comments. They will never give a pandemic view of the virus. Bad economic data releases (all over the world) to a certain extent has been factored in by the markets. Gold price can fall first if US economic data releases over the next two weeks comes in way below expectation. Reason? Already discounted.
COMEX GOLD APRIL 2020 – current price $1659.10
· Gold needs to trade over $1644 today to rise to $1691 and $1709.
· Sellers will be there if gold trades below $1644.
MCX Nickel 31st March 2020: (previous day close/CMP Rs.918.80):
· Nickel needs to trade over 902.10 till tomorrow to rise to 932 and 947.
· Crash till tomorrow will be there if nickel falls below 902.10.
· Key long term support is at 880.00.
· If you are long in nickel, then use a trailing stop loss below 880.00.
(prices are 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
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 25 February 2020 | E-Mail | Print | Source: GoldSeek.com
