There is short covering in Asia and more short covering will be there in Europe and USA once traders get over Christmas hang over. If you short in gold and silver and are drunk after the celebration, I am you will be back to normal within a few seconds after seeing price. China is taking measures to spruce its economy. China is taking measures for a trade deal to happen with USA.
Europeans are buying physical gold. Almost every central bank has increased reserves this year and have stated a desire to continue with the same in 2020. The pace of rise of gold and silver will vary in 2020. But overall trend will be bullish next year. Crude oil will be on fire if it rises for a week. Nymex crude oil can easily break past $70 if it manages to trade over $61 for a week. Copper and industrial metals should rise on higher Chinese demand before the Chinese New Year towards end January.
U.S. shoppers spent more online during this year's holiday shopping season, a report by Mastercard Inc showed. US economy is very strong. If various December jobs numbers of USA (which will be released next month) matches US shoppers, then gold could see some very sharp corrections. Focus will be on various US jobs numbers of December.
COMEX GOLD FEBRUARY 2020 - current price $1507.80
? $1503 price target achieved.
? Gold needs to trade over $1500-$1503 zone to rise to $1526 and $1540.
? Crash if gold falls below $1496.70.
? Gold will rise very quickly if it manages to break and trade over $1512.
NYMEX CRUDE OIL (December 2019) - current price $61.37
? If crude oil manages to trade over $61.00 today, then it will rise to $63.80 and $64.40.
? Watch $61.00 all the time.
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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