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Asian Metals Market Update: February-22-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 22 February 2019 | Print  | Disqus 

There will be demand in Asia of gold and silver today. If gold and silver continue to fall today also, then jewelers will have a jolly time during the weekend. They will be very busy. There should be good gold jewelery demand tomorrow if gold prices fall today also.


Does an end to so called trade war between USA-China imply that it is over for gold bulls?


This is the question which I am asking myself. China has made concessions or making concessions to US corporates and US imports as it knows that a full-fledged trade war will impact its economy. China is taking measures to reduce long term dependence on US economy for exports as well as imports. The first measure which China is using as use of “Non US dollar currencies” with trade from non NATO nations. India has also started using “Non US dollar currencies”  on crude oil imports from Iran and Venezuela. India also intends to reduce usage of US dollar in its imports as well as exports.


China will imports more goods from USA while reducing the same from other NATO nations. This will not go down well among the NATO partners. They in the long term will take safe guard measures to reduce dependence on USA.


Global banking system will also see a significant change. More and more localized banking system (away from USA controlled SWIFT system) will come up. In some cases they will be backed by gold. Right now any nations banking system can collapse if USA wants as it based on SWIFT. Reduced dependence on SWIFT banking system in global trade should also be bullish for gold.


I can write unlimited pages that the global trade war is just the beginning and not the end. Do not be in an illusion that it has ended. Use sharp corrections and crashes (if any) to trade and invest. The pace of rise of gold will vary every month and every year.


China bans Australian coal imports as diplomatic tensions over Huawei intensify


One of China’s biggest ports has put restrictions on shipments of coal from Australia, its top supplier of anthracite, casting a shadow upon Australia’s second largest export earner. The indefinite ban on Australian coal imports came into effect starting February with the biggest ports across China reportedly extending clearing times for coal shipments from the country to at least 40 days. This will also be supportive of gold prices.


COMEX GOLD APRIL 2019 – current price $1328.30

Bullish over $1333.40 with $1341.80 and $1350.10 as price target

Bearish below $1326.90 with $1321.50 and $1313.50 as price target.

Neutral Zone between: $1326.90-$1333.40

·          Small sell off will be there below $1326.20.

·          Crash will be there below $1321.50.

·          Gold needs a daily close over $1330-$1333 zone today to be in bullish zone.

COMEX COPPER MARCH 2019 – current price $290.30

Bullish over $288.00 with $296.00 and $303.40 as price target

Bearish below $284.90 with $281.00 and $277.90 as price target

Neutral Zone between: $284.90-$288.00

·         100% retracement is at $296.

·         Only a break of $296 will result in $303.40 and $312.50.

·         Small sell off will be there below $288.00.


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 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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The analyses are based on closing price as per February 19, 2019. Maintaining proper stop loss is always recommended.




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