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Asian Metals Market Update: Jan-16-2020



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 16 January 2020 | Print  | Disqus 

Trump’s impeachment progress is the key reason for gold and silver to rise. Impeachment news is the reason for gold price to rise from $1460 to $1520. Thereafter investment interest and speculative longs pushed gold past $1600.  Gold prices not falling below $1530 despite some bearish news should be taken as short term positive by bulls.

News on US-China trade deal (everything collected from Reuters newswires)

White House economic adviser Larry Kudlow said that the U.S. is prepared to take "proportionate actions" if China doesn't live up to its commitments in a trade deal to be signed by President Donald Trump.

China’s pledge to buy U.S. farm goods based on “market conditions” added to doubts among farmers and commodity traders over Beijing’s lingering tariffs on U.S. exports. Chinese companies would buy $40 billion in U.S. agricultural products annually over the next two years “based on market conditions.

U.S. Vice President Mike Pence said that discussions had already begun on a “Phase 2” U.S.-China trade deal.

The centerpiece of the deal is a pledge by China to purchase at least an additional $200 billion worth of U.S. farm products and other goods and services over two years, above a baseline of $186 billion in purchases in 2017, the White House said.

Commitments include $54 billion in additional energy purchases, $78 billion in additional manufacturing purchases, $32 billion more in farm products, and $38 billion in services, according to a deal document released by the White House.

Our view: Trade war is not yet over. It is like a semi-active dormant volcano for now. Tariffs are still there on certain Chinese goods. Further escalation will not be there. Other nations are also expected to follow China and sign a trade deal with USA. Global economic growth will rise this year. Gold prices will only correct and not move into a medium term bearish phase. Gold investment demand and gold jewelry demand should form a short term high around Valentine day. Thereafter it may move into a short term bearish phase. I expect good gold investment demand and good jewelry demand till the valentine day. Firm gold prices will lure more and more people to give gold jewelry as a valentine day gift among married couples. Use sharp corrections (if any) to invest in gold.

Only three factors can move gold into a short term bearish (a) Democrats suffer humiliation in their attempt to impeach Trump. (b) Very strong Economic growth not just in USA or China but all over the world. (This will be known only by April). (c) Sharp rise in global bond yields.

COMEX SILVER MARCH 2020 – current price $1797.50

·         Silver can rise to $1828 and $1850 today as long as it trades over $1770-$1775 zone.

·         Sellers will be there below $1780.  

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

ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.

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 -- Published: Thursday, 16 January 2020 | E-Mail  | Print  | Source: GoldSeek.com

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