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Asian Metal Market Update: January-13-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 14 January 2019 | Print  | Disqus 

If crude oil rises over $10 by month and floats over $72 (brent), then there will be renewed fears of global recession. Right now, I believe most of the global slowdown related news has been discounted in by the markets. The pace of rise of crude oil will determine recession or growth or slowdown. Energy prices à inflation determinationà Interest rate cycle. There are host of other factors which affect interest rates and jobs. But energy prices and inflation are key components of global growth cycle. I believe that crude oil price is purely speculative play. There is no fundamentals involved. The common man is taken to ransom by crude oil producers, politicians and by a cartel of large hedge funds. Cheap and viable alternate to crude oil are not being allowed to be flooded by USA and its cartel of nations.


Europe and yellow vest protestors


Europe yellow vest protestors will change the long term political landscape of Europe. The yellow vest movement is spreading. There is anger among the native masses over everything. They are also right. A migrant comes and lives on state support. He does all kinds of heinous crimes and lives without the fear of getting arrested. The native European has to pay all kinds of extremely high taxes, works on low wages and gets arrested even on showing dissent against his employer, state etc. The European natives are a “rot in hell” case by their elected political masters. The imported filthy migrants live lives in luxury without working, raping people, indulging in terror activities among other crimes and yet get scot free. There is bound to be mass uproar. Why is this relevant to gold price? More and more Europeans will invest in physical gold as a hedge against the state and paper assets. Higher Asia plus European demand will result in gold price zooming.


There is no big US economic data release today. It will be a technical trade. US government shut down news will be the key.





COMEX GOLD FEBRUARY 2019 – current price $1288.60

Bullish over $1284.50 with $1293.80 and $1300.80 as price target

Bearish below $1280.30 with $1274.90 and $1267.60 as price target.

Neutral Zone between: $1280.30-$1284.50

·           Small sell off will be there below $1285.20

·           Gold needs to trade over $1290-$1294 zone to be in intraday bullish zone.

MCX Gold 5th February 2019: (previous day close/CMP Rs.31928)

·           In the past two years gold has not been able to break and trade over 32200-32500 zone.

·           I am against making new investment in gold unless it break and trades over 32280 this week with strict stop loss.

·           Small sell off will be there below 31766.

(Prices in Indian rupees above. The above is a weekly view for MCX gold.)


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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