US December private ADP numbers suggest a firm economy. Traders reacted the other way as focus is on the US government shutdown and it's after affects. Certain Federal Reserve speakers suggest that interest rate hikes need to be stopped for the moment. Economic news is not affecting the markets in the first trading week of the year.
Concerns over global slowdown has resulted in gold and silver getting the safe haven demand. I have been writing all of last year that other than economic factors all other factors are hyper bullish for gold. Political situation all over the world is fragile. Trade war is there. Even the US faces migrant issues on its border. Asia is a war time bomb. The UK and Eurozone have their own internal political squabbles. Investment demand in gold has to rise. Gold has to be a part of every portfolio. No doubt stock valuation looks cheap and very attractive. But still gold is a hedge against wild moves in stocks. (I prefer physical gold investment over futures and ETFs).
The yen may have formed a short term bottom against the US dollar at 105.00. Another wave of sell off will be there only below 105.00. There is an inverse correlation between the yen and gold. This trend will continue this quarter.
COMEX GOLD FEBRUARY 2019 - current price $1299.80
Bullish over $1296.10 with $1307.70 and $1328.30 as price target.
Bearish below $1283.00 with $1276.10 and $1257.70 as price target.
? 100% retracement is at $1313. Gold can rise to $1313 as long as it trades over $1290.
? Small sell off will be there below $1290.
? Crash will be there if gold does not break and trade over $1313 by Monday.
NYMEX CRUDE OIL (JANUARY 2019) - current price $47.00
Bullish over $46.20 with $48.10 and $50.10 as price target
Bearish below $45.30 with $44.60 and $42.40 as price target
? Quick rise will be there over $47.30
? Small sell off will be there below $46.40.
? A daily close over $47.00 today can result in $52.00 and above by 20th January.
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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