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Asian Metals Market Update: March-12-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 12 March 2019 | Print  | Disqus 

Gold fell after inability to break past $1300. There should be good investment demand in gold for the rest of March. I prefer higher allocation to physical gold in one’s portfolio. Silver continues to remain undervalued.

 

Saudi’s are taken world to a ransom as they do not want crude oil price to fall. They are doing everything to ensure that Brent crude oil trades over $60 per barrel. Asian summer travel season will begin from next week for four months. Demand for diesel is also high in Asia due to higher use in generators. (Large parts of India still witnesses power outages over four hours daily in summer.) Higher crude oil prices will also affect the election result in India and Indonesia. USA will indirectly support Saudi’s as it is now one of the highest crude oil producing nations. Firm crude oil prices will support gold.

 

UK prime minister May has struck a new revised deal term on Brexit. Pound rose. If the deal is passed by the UK parliament, then cable will rise to 1.4000 over the coming months. Most of the bad news on Brexit has been factored in by the markets.

 

US-China trade plunges by 20% in the first two months of 2019

The volume of trade between United States and China, dropped to $76.5 billion in January-February. The figure is 20 percent lower than for the same period of last year. Effect on gold: Short term correction but long term hyper bullish as China will continue to increase its gold reserves.

 

COMEX GOLD APRIL 2019 – current price $1294.80

Bullish over $1290.10 with $1309.50 and $1321.20 as price target

Bearish below $1286.10 with $1278.80 and $1270.10 as price target.

Neutral Zone between: $1286.10-$1290.10

·         Wider trading range is at $1278-$1290-$1304 as long as gold does not break past $1304.

·         Day Traders remain on the sidelines.

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.

Insignia Consultants does not have any branches in India.

Insignia Consultants does not have any marketing agents in any city in India.

Trade without emotions

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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 of previous day. Maintaining proper stop loss is always recommended.

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, 12 March 2019 | E-Mail  | Print  | Source: GoldSeek.com

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