Gold and silver will see a sell off if they fail to break key resistances of $1327 and $1740. Copper needs to trade over $318.40 for the rest of the week to prevent a sell off. Crude oil looks headed for $65.00. Crypto currency volatility (I will not call it a sell off) should be positive for bullion. Chinese demand will zoom in bullion before their New Year next month. Chinese buyers will be using corrections to eat up gold and silver. The Chinese economy is in a much better state as compared to last year. This should have a very positive impact on gold and silver demand in China. One should use the next three week's correction (if any) to invest for the end of June in gold and silver.
Industrial metals are firm due to Chinese demand. Industrial metals will see a sell off if Chinese demand lacks expectations. Zinc, lead and nickel are on the verge of a big one way move. It seems everyone is long in zinc, lead and nickel. I am enthusiastic on Nickel. But I will prefer to use caution in lead and zinc despite hyper bullish technical. In fact, silver, copper, nickel are my personal favorites for trading and investing. Gold is evergreen.
COMEX GOLD FEBRUARY 2018 - current price $1317.40
Bullish over $1327.60 with $1333.60 and $1347.10 as price target
Bearish below $1318.60 with $1313.20-$1308.60$1299.60 as price target.
Gold needs to trade over the $1310-$1315 zone till tomorrow to rise to $1327 and $1333. Sell off will be there if (a) gold does not break $1327 OR (b) Gold falls below $1313.30.MCX GOLD FEBURARY 2018 - previous day close Rs.29261
? 100 day moving average at 29363 is the key resistance.
? 200 day moving average at 28992 is the key support.
? Big one way moves will be there either on a fall below 28992 or on a break of 29363.
? I am against investing in gold unless it breaks and trades over 29363 with a trailing stop loss below 29179.
(prices in Indian rupees above)
HAVE A GREAT DAY AHEAD
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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