-- Published: Wednesday, 20 February 2019 | Print | Disqus
ASIAN METALS MARKET UPDATE
I am not concerned over the rise in gold prices. I was bullish on gold, I am bullish on gold and I will remain bullish on gold. There will be corrections in gold prices. It will not be a one way traffic. What will be the floor price/bottom price if gold prices fall? To me a correction of $100-$125 are a part and parcel of the bull rally in gold. Right now gold should not fall below $1290 till 12th March to be in medium term bullish zone.
One should not take global economic number of February month seriously. Most of the February numbers will be released in March. Weather is the prime reason and weather impact will give a wrong picture of global economy. Trend in April will be important for the rest of the year.
Laggards of gold remember that central banks are not idiots to increase their physical gold reserves. Central banks are long term investors. Central banks are also savvy fund managers as well. Higher allocation in gold is the need of the hour even at current price.
COMEX SILVER MARCH 2019 – current price $1605.10
Bullish over $1583.50 with $1603.50 and $1631.70 as price target
Bearish below $1573.50 with $1560.50 and $1535.80 as price target
Neutral Zone between: $1573.50-$1583.50
Jobbers aggressive buy over: Buy at $1595 stop loss $1573 for $1649.00 (risky call)
Jobbers sell below: Sell silver if does not break $1620 today.
· Key price to watch is at $1603.50. Silver needs to break and trade over $1603.50 to rise to $1622.80 and $1649.80.
· Small sell off will be there below $1593.50.
MCX Copper February 2019: (previous day close/CMP Rs.452.50)
Bullish over 453.40 with 456.30 and 462.30 as price target.
Bearish below 449.90 with 446.30 and 443.10 as price target.
Neutral Zone: 449.90-453.40
One Support: 449.70
One Resistance: 456.30
· Copper needs to trade over 452-453 zone to rise to 460.10.
· Small sell off will be there below 450.70.
(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, 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
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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The analyses are based on closing price as per February 19, 2019. Maintaining proper stop loss is always recommended.
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Wednesday, 20 February 2019 | E-Mail | Print | Source: GoldSeek.com
