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Asian Metals Market Update: October-21-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 21 October 2019 | Print  | Disqus 

There is still a chance of Brexit by 31st October. This is the reason why cable has not crashed and gold has not zoomed. US-China trade talks will be closely watched as the month progresses. Crude oil and industrial metals will be very volatile.

IMF has also said that gold and silver are hedges against inflation. After a long time, silver has been invoked as an inflation hedge. Invest in silver with a stop loss below $1611 for next year and price target of $2050 be end December. I am giving a short term view as most of us are interested in fast trades. Gold is ever green. Media daily speaks of investing in gold and rarely on investing in silver.

Physical demand for gold and silver will be there in India due to Diwali festival. I am very bullish on silver demand. Gold investment demand in India will switch to physical demand from jewelry. Indian cities are not safe. Gold chain snatching is happening every second in some city in India. Even in “Lutyens Delhi”, the highest security zone in India where prime ministers stays is not safe from chain snatchers. There is a fear of chain snatchers, mobile snatchers all over India. The police acts seriously only when the prime ministers niece’s phone/valuables gets snatched. The common man just files an FIR. The relevance here is that gold chain wearing is an integral part of Indians. Now fear of chain snatchers has resulted in demand for artificial jewelry. Young generation (those who are born on or after 1990) prefer to invest in physical gold. Fear of chain snatchers is resulting in gold jewelery being worn only for special occasion.  

Day traders need to remain on the sidelines. Do not keep a mindset of bullish or bearish trend. Remain flexible till Wednesday. There will be position squaring and rebuilding for next week’s FOMC meet.


COMEX GOLD DECEMBER 2019 – current price $1493.20

·         Gold can rise to $1507 and $1513 as long as it trades over $1480-$1485 zone.

·         Corrections upto $1478 will be a part of the weekly bullish trend.

COMEX SILVER DECEMBER 2019 – current price $1758.20

·        Silver will break free from $1700-$1800 zone and form a new range.

·        Use a buy on dips strategy with a stop loss below $1700 this week.

COMEX COPPER DECEMBER 2019 – current price $264.30

·        Copper needs to trade over $262 to rise to $269 and $272.

·        Sellers will be there below $262.

·        Use a buy on sharp dips strategy with a stop loss below $257 till Wednesday.

·        If copper rises this week, then there will be a short covering and a rise to $286 is quite possible.

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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