Comex Report: 28th February 2019
Thursday, February 28, 2019
TIME 8:45 AM IST
COMEX FUTURES REPORT
If gold and silver fall today and till Monday, then they could move into a short term bearish phase. I am against new buying gold and silver at current prices. Tensions between India-Pakistan and the degree of escalation will be the key. The longer this continues, the greater are the chances of gold price zooming and moving into intertia. Right now cautious optimism in gold.
There is no demand in India of gold. Silver demand is still there. However any corrections upto Rs.500 (per ten grams) and below will find good physical demand and good jewelery demand in gold. Tension between India-Pakistan can result in higher gold demand in both these nations.
COMEX SILVER MAY 2019 – current price $1578.30
Bullish over $1580.50 with $1596.50 and $1610.50 as price target
Bearish below $1570.50 with $1562.50 and $1548.50 as price target
Neutral Zone between: $1570.50-$1580.50
- Silver needs to trade over $1560 (till next week) to try and rise to $1609 and $1630.
- Small sell off will be there below $1570.50.
- Crash will be there if silver does not break and trade over $1596 by tomorrow.
NYMEX CRUDE OIL (FEBRUARY 2019) – current price $56.90
Bullish over $56.00 with $57.80 and $58.90 as price target
Bearish below $55.60 with $54.90 and $53.60 as price target
Trading strategy: No call
- Crude oil needs to trade over $55.50-$56.00 zone to rise to $58.00 and $59.20.
- Small sell off will be there below $56.40.
HAPPY PROFITABLE TRADING
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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
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The analyses are based on closing price as per February 19, 2019. Maintaining proper stop loss is always recommended.
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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