Next week is a thanksgiving week. There will be a position squaring and rebuilding on two counts. (a) Gold, silver and copper comex December futures are expiring. (b) Traders will look to book some profit in their open positions. In my view, at the moment, there are more long positions than short positions in gold and silver.
Later in the first week of December will be the usual various US jobs numbers. The next two weeks will be big week for gold, silver, bonds and the US dollar Index. Sit on partial cash and use sharp dips (if any) over the next two week in gold and silver to invest for the first quarter of next year.
Trade war news is like a "barking dog, seldom bite" for now. Most of the nations have taken immunization against the dog (Trump) bite. They are not bothered over the dog bite (trade war). Every nation is increasing gold reserves, reducing US dollar reserves and also looking for nations other than USA to meet their nation's needs.
I will not be surprised if gold and silver crash anytime till Christmas and New Year. Trump can use trade deal along with other measures to get over his impeachment proceedings. Short term traders need to remain on the sidelines.
I do not see gold falling below $1400 and silver falling below $1500 till end January. With every fall, the risk to return ration is in favor of the buyer.
COMEX GOLD DECEMBER 2019 - current price $1464.80
Bullish over $1462.10 with $1482.30 and $1496.80 as price target
Bearish below $1453.70 with $1448.10 and $1436.70 as price target
? Gold can rise to $1482 as long as it trades over $1456.
? Sellers will be there below $1456 and crash below $1450.
? There can be very sharp two way moves.
COMEX SILVER DECEMBER 2019 - current price $1705.80
Bullish over $1700.00 with $1730.10 and $1756.50 as price target
Bearish below $1694.50 with $1686 and $1672 as price target
? Silver needs to trade over $1690 to rise to $1721 and $1747.
? Crash or sell off will be there if silver trades below $1690 today to $1676 and $1647.
? Remain on the sidelines.
NYMEX CRUDE OIL (SEPTEMBER 2019) - current price $58.19
? Crude can rise to $59.00 and $60.30 as long as it trades over $57.50.
? Sellers will be there below $57.50.
COMEX COPPER DECEMBER 2019 - current price $262.40
? Copper needs to trade over $260.40 to rise to $268.10 and $273.60.
? Crash will be there below $260.40.
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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