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Asian Metals Market Update: Oct 30 2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 30 October 2018 | Print  | Disqus 

India has done a bilateral forex swap agreement with Japan and China separately. China has done a forex swap agreement with Japan. Forex swap agreement between large nations like India, China and Japan will result in more and more nations copying them. Net result is a decline in the US dollar share in global trade and a decline in the purchasing power of the US dollar. Gold will be a medium of settlement between central banks. I have been saying this for the past few years but now it is more and more visible.

 

I prefer to use sharp dips till 8th November FOMC to go long in gold and short the US dollar Index. A December interest rate hike is more or less a done deal. The pace of interest rate hikes will be slower next year by the Federal Reserve. Trump announcing more tax cuts is the only factor which can lift the US dollar and crash gold to below $1150. Global bond yields should form a long term by the first quarter of next year. Incremental return in bond investment will fall with the passing of each month. Gold and silver are the only undervalued investment at the moment apart from selected stocks.

 

Demand in Asia will be there only if gold and silver fall more. Asians are waiting for more correction so that they can invest in gold and silver. Speculation of Trump announcing more trade tariffs for China in December will ensure that industrial metals will trade with a softer bias.

 

COMEX GOLD DECEMBER 2018 – current price $1229.90

Bullish over $1238.60 with $1244.10 and $1249.30 as price target.

Bearish below $1233.10 with $1222.90 and $1213.10 as price target.

Neutral Zone between: $1233.10-$1238.60

·           Small sell off will be there below $1226.10.

·           Crash will be there if gold does not break and trade over $1238.

·           Trend is down.

MCX SILVER DECEMBER 2018 – previous day close Rs.38285

·         Silver is bearish as long as it trades below 100 day moving average of 38424.

·         Key intraday support is at 37973. There will be another wave of sell off below 37973 to 37521 and 37134.

·         Silver needs to trade over 100 day moving average of 38424 till Friday to be in a bullish zone and target 39134 once again.

 

(prices are in Indian rupee 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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

Follow us on Twitter @insigniaconsul1

UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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 -- Published: Tuesday, 30 October 2018 | E-Mail  | Print  | Source: GoldSeek.com

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