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Asian Metals Market Update: September-12-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 12 September 2019 | Print  | Disqus 

Traders and investors in India are very bullish on gold and silver today. They expect gold and silver to zoom after the European central bank meeting. There will be good demand in futures as well as physical market in India today. Monetary easing by way of interest rate cut and new bond issuances is expected by the ECB today. Outlook by the ECB will be the key. Eurozone economy at the moment is in shambles. I am not sure whether only monetary measures can contribute to growth, jobs hiring and higher retail demand. Do not expect overnight results. But remember all the extreme forms of pessimism has been factored in by the traders.

 

Technically gold needs to trade over $1480 till 19th September to rise to $1630 and more. Crash or sell off or short term bearish phase will be there only if gold trades below $1480. Silver needs to trade over $1760 till 19th September to be in short term bullish zone and target $2032. Crash in silver will be there if silver trades below $1760 for the rest of the month.

 

Bond yields will continue to play a big role in dictating gold prices. Retail investors or herd as I call them, are buying on dips in gold and silver. Indian media is filled with forecast of Rs.50,000 and more per (per ten grams) in gold by the year end (current physical gold price is around Rs.38700). Indians will be using falls in gold to invest as if they will never get the price in their life time.

 

Trump has postponed extra trade tariff on some Chinese goods by two weeks. Trade war is not yet over. It in my view will continue and be the key theme in next year’s US presidential elections.

 

COMEX GOLD DECEMBER 2019 – current price $1500.70

·       Gold needs to trade over $1487-$1492 zone to try and rise to $1528 by tomorrow.

·       Crash or sell off will be there below $1492.

·       Trend is neutral.

MCX GOLD OCTOBER 2019 – previous day close Rs.37974.00

·       Gold needs to trade over Rs.37799 till Monday to rise to 38200 and 38909.

·       Crash will be there only if gold trades below 37799 after the European central bank press conference.

(prices are 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: Thursday, 12 September 2019 | E-Mail  | Print  | Source: GoldSeek.com

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