Gold is not rising on higher chances that a US-China trade deal will be done next week. Federal Reserve is expected to cut interest rates next week. Brexit will also be on focus. Rest there are no new factors. A US-China trade deal can result in a short term correction in gold and silver. However I will prefer to use sharp dips to invest in gold and silver.
To all my readers, I have been a hardcore silver bull ever since I started insignia consultants in 2003. I am still bullish on silver for the next ten years. However for day trading and very short term investment, I prefer 60:40 ration in favor of gold. I even like platinum as a jewelry. In general I have preference for white metals like silver, nickel and platinum. Yellow metal (gold) is ever green. Media and world talk of yellow metal and not the white metals.
Invest for next Diwali in gold and silver at current price. But remember fifteen percent slides (due to unforeseen circumstances) are a part and parcel of any investment which is in a long term bull run. Apply the same to gold and silver.
Economic data releases which start affecting bullion and currency markets from November onwards. Day traders and jobbers need not ignore economic data releases worldwide.
COMEX GOLD DECEMBER 2019 - current price $1495.50
Bullish over $1486.10 with $1503.60 and $1513.50 as price target
Bearish below $1478.60 with $1472.30 and $145910 as price target.
? Gold will zoom if it manages to break and trade over $1498-$1502 zone.
? Sellers will be there below $1490 to $1477 and $1447.
COMEX SILVER DECEMBER 2019 - current price $1757.30
? Silver will break free from $1700-$1800 zone and form a new range.
? Watch $1750. Silver can move $60 either side from $1750.
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
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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