Gold and silver have just have formed a short term bottom after comments from the Federal Reserve chairman that interest rates are "just below" neutral range. This implies that the pace of interest rate hikes (after December) will be slower next year. This is just the catalyst needed for gold and silver bulls. The US dollar index should form a long term top over the next two weeks. Physical demand and investment demand and jewelry demand for gold and silver will be on the higher side till tomorrow and on the weekend. If gold and silver bulls are not able to capitalize now, then they will have another chance after a month. I expect more investment inflows into gold than silver.
A trade deal between USA-China can result in copper (march 2019) rising to $303.30 by next week. A weak US dollar and some reduction in trade war will be the best catalyst for industrial metals to pare some of November losses.
NYMEX CRUDE OIL (JANUARY 2019) - current price $50.60
Bullish over $50.60 with $52.10 and $53.60 as price target
Bearish below $49.80 with $49.10 and $48.20 as price target
? Crude oil needs to trade over the $49.50-$50.50 zone to rise to $53.10 and $54.60.
? Quick rise will be there over $51.10.
? Small sell off will be there below $49.80.
? Crash will be there only below $48.30 for the rest of the year in crude oil.
COMEX COPPER MARCH 2019 - current price $280.00
Bullish over $276.10 with $283.10 and $289.00 as price target
Bearish below $274.80 with $271.90 and $268.60 as price target
Neutral Zone between: $274.80-$276.60
? Quick rise will be there over $282.20.
? Trend is bullish. Copper can rise to $289.
? Small sell off will be there only below $278.10.
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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