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Asian Metals Market Update: March-29-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 29 March 2019 | Print  | Disqus 

Trend for gold and silver is down at the moment. Demand in Asia will be the key. Look for short covering in gold and silver as the quarter comes to a close. Crude oil is fundamentally bearish. I expect lower demand in Asia in the upcoming quarter. Copper will volatile.

 

5 reasons why did gold and silver fell this week?

1.     US dollar gains as it acted as safe haven in currency markets.

2.    Repeated inability to trade firmly over $1330.

3.    Quarter end profit taking leading to a technical breakdown.

4.    Lack of demand in Asia as prices were near monthly high’s.

5.    Expectations that global economy will perform better next quarter as compared to current quarter.

 

What to look next in gold and silver in April

1.     Gold demand should zoom in April in Asia

2.    US economic performance in March particularly jobs

3.    Brexit and US-China trade wars related news

4.    Venezuela, Iran and crude oil price trend

5.    Chinese economic performance and its trend (particularly for industrial metals).

 

COMEX SILVER MAY 2019 – current price $1500.80

Bullish over $1519.50 with $1539.60 and $1556.00 as price target

Bearish below $1500.00 with $1486.50 and $1466.50 as price target

Neutral Zone between: $1500.00-$1519.50

Jobbers aggressive buy over: Buy at $1460 stop loss $1429 for $1580 for next week.

Jobbers sell below: Sell silver if does not break $1529 today

·       Key long term support is at $1460.

·       There can be pullback rallies as long as gold trade over $1460 to $1560.

·       Crash will be there only below $1460.

NYMEX CRUDE OIL (MARCH 2019)  - current price $59.61

Bullish over $59.10 with $61.10 and $63.60 as price target

Bearish below $58.10 with $57.40 and $56.30 as price target

Trading strategy: Buy at $60.10 stop loss $59.40 for $62.00 and $64.40.

·        Crude oil needs to trade over $58.50-$59.00 zone to rise to $61.00.

·        Sell off will be there below $58.00

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

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

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: Friday, 29 March 2019 | E-Mail  | Print  | Source: GoldSeek.com

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