-- Published: Friday, 26 October 2018 | Print | Disqus
After the roller coaster ride this week in global financial markets, investors are cautious investing in everything. Gold is consolidating in a $1220-$1245 range. This range will be broken by Halloween. If industrial metals crash, then silver could take a back seat. Speculation of oversupply in crude oil has resulted crude oil trading with a softer bias. If crude oil does not rise today (being the last trading day of the week), then chances of $63 and $60.10 will be very high this week.
There is a slowdown in Asia and South America. Europe has slowed mildly but still hopes of a growth turnaround is very high. Only USA is the bright growth story right now. Global investors will be cautious in India due to upcoming key state elections next month.
Over the next two weeks, if the US dollar index breaks and trades over 97.00, then it can test 100 and more. If not, then a short term top will be formed. To everyone, the trend in gold, silver, US dollar Index, emerging market currencies and emerging market stock could be fake. They can change after every few days. Long term investors use a buy on sharp dips strategy in gold and silver. Short term investors and jobbers need to remain on the sidelines over the next two weeks.
HOW TO TRADE TODAY
· A daily close below $66.30 today will be very bearish for crude oil for tomorrow.
· Copper needs to trade over $271 to prevent a crash.
COMEX SILVER DECEMBER 2018 – current price $1464.00
Bullish over $1470.00 with $1484.00 and $1509 as price target
Bearish below $1463.50 with $1452.50 and $1428.50 as price target
· Small sell off will be there below $1460.
· Crash will be there only if silver does not break $1482 today.
· Be prepared for $50-$60 one way move in silver anytime.
MCX SILVER DECEMBER – previous day close Rs.38615.00
· 100 day moving average at 38470 is the key support.
· There will be a sell off below 38470 to 38055 and 37740.
· Silver needs to trade over 200 day moving average around 38760 to be in bullish zone and rise further to 39056 and 39300.
(prices are Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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-- Published: Friday, 26 October 2018 | E-Mail | Print | Source: GoldSeek.com