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Asian Metals Market Update: Dec-10-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 10 December 2019 | Print  | Disqus 

Traders just booked profit in short positions in gold and silver. They are sitting on cash at the moment. News will be the key. Trade deal with China is not signed yet. I will not rule out further escalation of trade war with China as US economic numbers have beaten Chinese in November. Trump is at an advantage (with China) on the trade war in the short term. Trade war will be pain for every nation, if it continues into next year. Only gold and hard assets will be the investment savior if trade war continues. Currencies will behave like a drunken man if trade war continues next year. Do not sleep in your investment next year. Trump and his billionaire men’s club make trillions from every tweet which shakes the global financial market. It is time we as traders, investors and analysts understand Trump and his style of manipulating financial markets and beat the billionaire men’s club. The only caution we need is not to react in haste. Haste can result in capital erosion.

FOMC tomorrow and ECB on Thursday can have surprises. Let’s make the Christmas Merry by doing a few trades but highly profitable trades. I will be looking for clues on short term interest rate outlook and ignore growth projections for next year. Other than crude oil and energies related risk, I am bullish on global economic growth for next year. Global growth move like an old diesel vehicle wherein initial pick up is very weak but the when the growth vehicle gets warmed, it matches the petrol engine. The pace of rise of gold and silver will change every two months next year. One should not be bothered if gold and silver gives negative return for a quarter as medium term to long term, gold is bullish.

If gold and silver fall today, then physical buyers will vanish and there will be a sell. Right now, trend is neutral. Big three days (till Thursday) for crude oil.

COMEX GOLD FEBRUARY 2020 – current price $1465.45

·         Gold needs to trade over $1455-$1460 zone to rise to $1478.40 and $1492.

·         Crash if gold falls below $1450 anytime till Wednesday to $1439.10 and $1417.60.

MCX Copper December 2019:  (previous day close/CMP Rs.439.50)

·        200 day moving average around 438.00 is the key support.

·        100 day moving average around 441.50 is the key resistance.

·        Copper needs to break and trade over 441.520 to rise to 446.50 and 449.10.

·        Sellers will be there below 438 BUT overall trend (till Friday) is bullish as long as copper trades over 434.10.

(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. 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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