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Asian Metals Market Update: October-9-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 9 October 2019 | Print  | Disqus 

High chances that there will not be a trade deal between USA-China will result in gold and silver trading with a bullish bias. Trade war between USA-China and USA-Rest of the world, will only rise if there is no trade deal this week. Gold and silver will zoom to $1600 and $1900 as a result. Keep a close watch on Syria. Turkey is trying to take over the Kurdish region of Iraq and Syria. Russia is also involved. Any escalation in Syria will only add to gains for gold. There is not a single reason why gold should fall. Momentum, technical and trade sentiment are all bullish for gold. Gold investment demand is on the rise. Physical gold demand is stagnant.

Indian jewelers need to adapt to higher gold price. Lower carat gold jewelery say 14 carat or even 8 carat can result in higher sales (value wise). I believe that future mass retail jewelry will be machine based while high end exclusive ones will be hand made. I am more bullish on silver jewelry demand in India and silver price in India. Pure gold jewelers need to start manufacturing silver jewelry also.

Only risk to bullish price trend of gold and silver is a USA-China trade deal.  

COMEX SILVER DECEMBER 2019 – current price $1779.00

Bullish over $1730.00 with $1800.00 and $1847.00 as price target

Bearish below $1715.00 with $1700.50 and $1666.00 as price target

·       Silver needs to trade over $1785 to rise to $1830 and $1900.

·       Corrections upto $1730 are a part of weekly bullish trend.

MCX Gold December 2019: (previous day close/CMP Rs.38383)

·       Gold will break free from 38000-38700 wider trading range and form a new range.

·       We prefer a buy on sharp dips strategy with a stop loss below 37821 for next week.

·       Only risk to the above bullish view is that of a USA-China trade happening on Thursday-Friday meeting.

·       Crash will be there if gold does not break 38700 by tomorrow or gold trades below 38250 today.

(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: Wednesday, 9 October 2019 | E-Mail  | Print  | Source: GoldSeek.com

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