Nymex Crude oil rose twenty percent in January (till 1st February close). The pace of rise for crude oil will be crucial for global economy. Part of the rise is attributed to short covering. If crude oil rises quickly due to Venezuela, then chances of global economy moving into recession will be very high. Global economy has not yet fully recovered from energy shocks of last year.
USA and Russia withdrawing from the INF treaty should be bullish for gold, silver and other safe havens. The impact will be serious. Global economic conditions do not warrant an interest rate hike by any central bank. If US February nonfarm payrolls matches January, then chances of June interest rate hike by the Federal Reserve will be very high. US economy continues to shine in January but fears persist.
Industrial metals will be very volatile on Chinese closure. A lot of Asian markets are closed today. Trading volumes are thin. News flow will be the key driver today.
COMEX GOLD APRIL 2019 - current price $1318.10
Bullish over $1312.10 with $1325.50 and $1332.60 as price target
Bearish below $1309.20 with $1304.10 and $1292.80 as price target.
? Gold needs to trade over $1309-$1312 zone to rise to $1331 and $1339.
? Small sell off will be there below $1312.
? There can be very sharp two way moves.
Gold April 2019: (previous day close/CMP Rs.33467)
Bullish over 33515 with 33686 and 33822 as price target.
Bearish below 33400 with 33224 and 32899 as price target.
One Support: 33400
One Resistance: 33608
? Small sell off will be there below 33400.
? Gold needs to trade over 33500-33550 zone to rise to 33750 and 33900.
? Remain on the sidelines today as direction of the rupee impact more than global prices.
? Momentum is still bullish.
(prices in Indian rupees above)
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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