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Asian Metals Market Update: July-9-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 9 July 2019 | Print  | Disqus 

There is now a very small section of traders and investors who believe that interest rates may not be cut in end July FOMC meet. Federal Reserve chairman’s testimony will clarify on the interest rate cycle. In my view interest rates will be cut this month by 0.25% or something lower as a token and thereafter it can be long pause. Incoming US economic data releases will also determine the interest rate cycle of USA.

 

In June and early this week, global bond yields fell to around zero percent in some nations. Gold will zoom, irrespective of whether Federal Reserve cuts interest rates or not IF global bond yields near zero. Bond yields will be the key to gold prices this week.

 

It will be a technical trade today as well. News will be the key. Momentum is still bullish for gold. Investors are waiting for dips to invest in gold. Silver, copper and crude oil will break free from the recent consolidation phase and form a new range anytime soon. 

 

A strong US dollar Index is preventing gold and silver from a quick rise. Central banks of China and Poland have increased their gold reserves in June. Central banks are increasing their gold reserves with passing of each month.

 

COMEX GOLD AUGUST 2019 – current price $1396.20

Bullish over $1402.30 with $1409.80 and $1424.30 as price target

Bearish below $1392.10 with $1387.60 and $1366.80 as price target.

·         Watch $1400. Gold can move $30 either side from $1400.

·         If gold falls then chances of $1378.

MCX Gold August 2019: (previous day close/CMP Rs.35479)

·        Crash will be there below 35158 or gold does not break 35938 by Thursday.

·        Wider trading range is at 35158-35631-35938.

·        Direction of the rupee will also be important due to crash in stock markets yesterday.

(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. Websitewww.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

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 -- Published: Tuesday, 9 July 2019 | E-Mail  | Print  | Source: GoldSeek.com

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