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Asian Metals Market Update: Feb-7-2020



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 7 February 2020 | Print  | Disqus 

Gold prices would have crashed to $1400 BUT for the corona virus and is multiplier effect in the form of short term global slowdown and interest rate cut trend for the rest of the year. US economic data releases point to a strong growth. China has cut custom duties on US imports. Trade war theme of last year has now evaporated. I am not giving a bearish view. I am just trying to tell that if growth economics supersede safe haven gold prices will correct sharply. (There is thin difference between correction and bearish trend).

Right now trend is bullish for gold. Neutral trend is there for silver, copper and crude oil. Russia backs OPEC+ proposal to cut oil output. Crude oil prices are now demand led and not supply led. Crude oil prices will not be affected by Opec moves. USA is not a part of Opec. USA is now a big crude oil supplier to Asia.

I am cautiously optimistic on the short term bullish trend in industrial metals. Corona virus is infecting more and more people globally. The longer this trend continues the economic damage will also be long lasting. Central bank intervention works up to a certain point and creates only asset bubbles. Thereafter fundamental reality sinks among traders and investors and the inflated asset bubble bursts. Remain invested in gold.

US January nonfarm payrolls need to come in at or over 225,000 to cause a selloff in gold. Just trade in the technical in silver

COMEX GOLD APRIL 2020 – current price $1571.05

·         Gold will break free from $1550-$1585 trading range and form a new range.

·         Gold will zoom if it trades over $1578 today to $1598 and $1609.

·         Remain on the sidelines.

MCX Crude oil 19th February 2020: (previous day close/CMP Rs.3658.00)

·         Crude oil can rise to 3755 and 3886 as long as it trades over 3580 zone.

·         Crash will be there only below 3580 to 3490.

·         Key long term support is at 3490. Till future close on 19th February, crude oil can rise to 4047 as long as it trades over 3490.

·         Long term technical breakdown will be there only if crude oil trades below 3490.

(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

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

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 -- Published: Friday, 7 February 2020 | E-Mail  | Print  | Source: GoldSeek.com

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