Gold and silver are steady. There is good demand for physical gold in China and ASEAN nations. Prices of gold and silver are low in Asia due to a stronger currency against the US dollar. People are taking advantage of stronger currency to buy gold. There will be sudden one way moves in bullion anytime till Friday. Asian markets and Asian traders do not sleep on US holidays. Silver demand is superb in north India. Gold demand in India is stable as people are waiting for more price falls to buy.
Copper will remain firm till a clear picture does not come on the US-China trade spat. The next three weeks price moves in copper will set the trend till the first quarter of next year. Nickel is oversold. It needs to trade over $10700 for the rest of the year to be in a long term bullish zone.
China-Indonesia bilateral currency swap agreement
A bilateral currency swap agreement worth $28.81 billion has been clinched between China and Indonesia, China's central bank announced yesterday. It will reportedly allow the partners to swap a total of 200 billion yuan for 440 trillion Indonesian rupiah, and vice versa. Our view: Medium term Bullish for gold. The Rupiah should fall against the US dollar (value wise).
COMEX GOLD DECEMBER 2018 - current price $1222.20
Bullish over $1215.10 with $1230.10 and $1238.90 as price target.
Bearish below $1211.40 with $1207.60 and $1202.20 as price target.
? Gold can rise to $1230.70 and $1238.90 as long as it trades over the $1215-$1217 zone.
? Small sell off will be there below $1219.
MCX GOLD DECEMBER 2018 - previous day close Rs.30879
? 100 day moving average at 30604 is the key support.
? Gold needs to trade over 30604 for the rest of the month to rise to 31261 and 31661.
? Bearish trend or crash will be there only if gold trades below 30604.
? Today small sell off will be there below 30823. Quick rise will be there over 30969.
(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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NOTES TO THE ABOVE REPORT
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