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Asian Metals Market Update: Dec-5-2019



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 5 December 2019 | Print  | Disqus 

Gold and silver would have skyrocketed yesterday but for news of nearing of a trade deal. US November private ADP numbers stood at 67,000. If nonfarm payrolls on Friday matches ADP, then chances of interest rate cut in next week FOMC could be very high. Gold just corrected on trade deal news while silver fell. Crude oil zoomed. Trump has a history of flip-flop, unless a trade deal is actually signed gold prices will remain firm.

Gold prices will crash or sell off only if chances of another trade deal (with China) after next week’s trade deal (with China) gets going. Chinese are saying that the current trade deal (if any) with USA will be the first phase, it can be followed by second phase, third phase and successive numbers.

Silver continues to be undervalued. The recent range trade will be broken soon and a new range will be formed. Silver is lacking investment demand and investment hype as compared to gold. Whole world wants to invest in gold and very few in silver. Silver demand by way of jewelery purchases and industries will be the key to attracting short term hot money in silver. I continue to remain bullish in silver in the medium term to long term. In the short term, silver will play a second fiddle to gold.

News from China and Japan: - Japan unveiled a $120 billion (93.53 billion pounds) fiscal package to support stalling growth. There are still apprehensions on US-China overall relations after the trade deal.

COMEX SILVER MARCH 2020 – current price $1694.20

·        Crash will be there if silver trades below $1680 today to $1661 and $1636.

·        Silver needs to trade over $1700-$1707 zone to rise to $1742 and more.

COMEX COPPER MARCH 2020 – current price $265.60

Bullish over $262.90 with $267.10 and $270.30 as price target

Bearish below $260.90 with $258.80 and $254.40 as price target

Neutral Zone between: $260.90-$262.90

·        Back to square one as copper continues to trade in $260-$270 range. This range will be broken soon and a new range will be formed soon.

MCX Crude oil 18th December 2019: (previous day close/CMP Rs.4184.00)

·        Key resistance is at 4239. A break of 4239 will result in 4356 and 4496.

·        Sellers will be there below 4149 and crash will be there only below 4080.

(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

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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

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