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Asian Metals Market Update: May-15-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 15 May 2019 | Print  | Disqus 

Cash will be the king now. Low risk traders and investors will prefer to sit on cash rather than invest in uncertain times. Fundamentals will be the key to investing now. Now a days it is very rare to see rallies in any investment dictated by fundamentals. Gold, Indian stocks and even Indonesian stocks have a long term fundamentally strong story. Only risk to the world growth is energy prices becomes a runaway bride.

 

Trump wants to put additional pressure on China in the trade war by using a combination of lower interest rates and US dollar depreciation. Chinese central banks will take necessary steps to ensure higher Chinese domestic growth. China is reducing reliance on US exports for growth. Nothing is new for a central bank to use interest rates and currency prices for higher exports. What is new that an all-out policy against a particular nation. This has never been done in history before. We are about to be a part of the biggest change in global free trade system started after the Second World War.

 

Gold and bitcoin/crypto currencies will see more and more investment demand. Short term corrections should be used to invest in gold. Day trading and jobbing is a different ball game. Buy first and sell next strategy may not always work for day traders and jobbers.

 

COMEX GOLD JUNE 2019 – current price $1296.85

·        Gold needs to trade over $1292 to prevent a sell off to $1288 and $1278.

·        There will be knee jerk price moves.

·        Bullish case: In case gold does not fall below $1288 by Friday, then it will rise to $1308 and $1320.

MCX Gold June 2019: (previous day close/CMP Rs.32241)

·        Gold needs to trade over 32193 today to rise to 32395 and 32548.

·        Sell off will be there below 32193.

·        Key intraday support is at 32050.

·        Key intraday resistance is at 32409.

·        I am against new investing in gold unless it breaks and trades over 32800 till future close.

(Prices in Indian rupees above)

 

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.

NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

Follow us on Twitter @insigniaconsul1

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

You can also mail your queries at insigniacommodity@gmail.com

Call/ telegram/whatsapp 9311139549


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 -- Published: Wednesday, 15 May 2019 | E-Mail  | Print  | Source: GoldSeek.com

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