news.goldseek.com / By: Chintan Karnani, Insignia Consultants / 8 December 2017
Gold needs to trade over $1236-$1240 zone till next week to prevent it from falling to $1216 and $1202. Silver needs to trade over $1540 till next week to be in a long term bullish zone. Gold and silver will zoom if and when this bitcoinmania comes down to earth. No one is invincible. I am sure bitcoin prices will stabilize sooner than later. Once bitcoin prices stabilize, gold and silver will zoom. Jerusalem is a wait and watch for the global financial markets. So far this year developments in the Middle east and North Africa have failed to lend any support to gold prices. Jerusalem developments could support gold prices if it divides the nations supporting the USA.
Industrial metals are at a critical technical level. They need to trade over current prices to prevent a crash. Direction of all metals and energies after the release of US November nonfarm payrolls will be the key. Do not react just by the headline numbers. Low risk traders wait for at least thirty minutes after the release of the numbers and then trade.
NYMEX CRUDE OIL (1ST CONTRACT) – current price $56.63
Bullish over $56.60 with 57.20 and $57.80 as price target
Bearish below $55.80 with $55.20 and $53.90 as price target
- There is a technical congestion between the $55.80-$56.60 zone. There will be a technical breakdown if crude oil trades below $55.80 to $55.20 and $53.80.
- Only a break of $57.30 will attract short covering.
- Use any $3-$4 fall (if any) to buy for the December end with a stop loss below $49.10.