-- Published: Tuesday, 8 January 2019 | Print | Disqus
Focus will be on US-China trade talks and its result. Central banks are buying gold as per releases by the world gold council. Retail investors are waiting for more correction. Right now there is NO “herd mentality” to buy or invest in gold and silver. Herd is there when prices shoot up in the short term with no signs of correction. In the next seven days (till 16th January 2019), spot gold needs to trade over $1300 to attract the herd.
Better to wait and watch as some news impact more than others. A stronger Asian currencies against the US dollar will result in higher investment demand for gold and silver in Asia.
COMEX GOLD FEBRUARY 2019 – current price $1287.80
Bullish over $1297.10 with $1303.90 and $1309.90 as price target
Bearish below $1291.30 with $1283.00 and $1266.90 as price target.
· Small sell off will be there below $1284.
· Crash will be there if gold does not break and trade over $1300 today.
· I am against going long unless gold break and trades over $1298-$1302 zone.
MCX CRUDE OIL 18th January 2019: (previous day close/CMP Rs.3442)
Bullish over 3425 with 3511 and 3673 as price target.
Bearish below 3378 with 3320 and 3271 as price target.
Neutral Zone: 3378-3425
One Support: 3400
One Resistance: 3511
· Key resistance is at 3511. Only a break of 3511 will trigger a rise to 3673.
· Trend is bullish. But small sell off will be there below 3400.
· Crash will be there if crude oil does not break 3511 by tomorrow.
(prices in 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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-- Published: Tuesday, 8 January 2019 | E-Mail | Print | Source: GoldSeek.com