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Asian Metals Market Update: September-10-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 10 September 2019 | Print  | Disqus 

The current fall in gold and silver is just a correction and not a short term bearish trend. Please remember that there is a difference between correction and a bearish trend. Bearish trend will be there only if gold trades below $1487 after the FOMC on 19th September. Sharp correction till the FOMC should be used to invest or go long in futures with higher trailing stop loss. Please do not trade for intraday or for a few days without any trailing stop loss till 19th September USA open. There can be very big price moves till 19th September.


Brexit issues, Hongkong and central bank buying continue to be positive factors for gold. Sustained higher crude oil or energy price will only add to recessionary woes. Opec wants Brent crude oil to float over $60 for the rest of the year. Opec does not like brent crude oil trading below $60. Keep a close watch on crude oil prices. Sustained higher crude oil prices till Christmas (if any) will be negative for all base metals (except copper and nickel) and will ensure gold and silver continue their bull run. Stock market globally can see a sell off if energy prices rise ten percent and trade over ten percent till Christmas. However I am very positive of stocks next year. I see the mother of all bull runs in global stock markets next year. One should increase higher allocation to long term selected stock market investment for next year.


Bond yields are manipulated like currency price. Crypto currencies or bitcoin investment should be two percent of long term investment portfolio. Yeah, one needs to invest in bitcoin or other crypto currencies in nations where you do not get imprisoned. Remain invested in physical gold and silver. My dislike for gold ETF and silver ETF investment will continue. I will rather prefer beaten jewelery stocks over gold ETF and silver ETF.


COMEX GOLD DECEMBER 2019 – current price $1497.30

Bullish over $1502.30 with $1515.50 and $1528.70 as price target

Bearish below $1494.30 with $1487.60 and $1467.80 as price target.

·       Gold needs to trade over $1487-$1494 zone to try and rise to $1528 by tomorrow..

·       Crash or sell off will be there below $1494.

·       Trend is slightly bearish.

·       A daily close below $1494 today should be bearish for tomorrow.

COMEX SILVER DECEMBER 2019 – current price $1792.70

Bullish over $1810.00 with $1836.50 and $1988.50 as price target

Bearish below $1779.00 with $1742.00 and $1706.60 as price target

·       Silver needs to trade over $1779 to rise to $1881 and $1930.

·       Crash will be there if silver trades below $1779.

·       A daily close below $1779 today can result in more losses tomorrow.

NYMEX CRUDE OIL (JULY 2019)  - current price $58.20

Bullish over $57.00 with $58.90 and $60.30 as price target

Bearish below $56.20 with $54.90 and $53.40 as price target

·       Crude oil needs to trade over $57.10 to rise to $60.40.

·       There will be another wave of rise if crude oil manages to break and trade over $58.90.

·       At the moment trend is very bullish.

COMEX COPPER DECEMBER 2019 – current price $263.70

Bullish over $260.10 with $267.30 and $272.70 as price target

Bearish below $256.90 with $253.40 and $249.90 as price target

·       Copper will zoom if it manages to break and trade over $265 to $280.

·       Watch $265 all the time.

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. 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.



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