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Asian Metals Market Update: Dec-2-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 2 December 2019 | Print  | Disqus 

The next two weeks are big global economic data days and central banks meetings (including FOMC). Eastern European central banks have started increasing gold reserves. Those central banks whose gold have been stored in vaults in UK have started to repatriate their gold or have given their intention to take back their gold. But bank of England is not giving gold to South American nations. This will be a cause of concern for the long term.

China and US trade deal is not yet signed by both nations. Let them sign first. Watch for profit booking in bonds as traders leave for Christmas and New year vacations.

Crude oil is fundamentally bearish but hopes of Opec cut in production has prevented crash. I do not expect Nymex crude oil falling below $50.00 till the first week of January. A further escalation of US-China trade talk on or after 15th December is the only risk to bullish projection of nymex crude oil.

There can be very sharp two way moves today. Use sharp dips (if any) in gold, silver and crude oil to go long with strict trailing stop loss.

COMEX GOLD FEBRUARY 2020 – current price $1465.85

Bullish over $1463.20 with $1473.80 and $1481.10 as price target

Bearish below $1459.90 with $1456.80 and $1446.80 as price target

·         Gold needs to trade over $1459-$1463 zone to rise to $1481.

·         Sellers will be there below $1460 and crash below $1452.

·         There can be very sharp two way moves.

MCX Crude oil 18th December 2019: (previous day close/CMP Rs.3980.00)

  1. 100 day moving average at 3960 is the key support.
  2. 200 day moving average at 4045 is the key resistance.
  3. Key support till future close is at 3863. Crude oil needs to trade over 3863 to rise to 4180 and 4380.
  4. Short term bearish trend will be there below 3863 to 3746 and 3580.
  5. Remain on the sidelines this week and buy with strict trailing stop loss if crude oil manages to trade over 4000.

(prices in Indian rupees above. This above is part of the MCX weekly report).

 

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: Monday, 2 December 2019 | E-Mail  | Print  | Source: GoldSeek.com

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