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Asian Metals Market Update: Feb-24-2020



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 24 February 2020 | Print  | Disqus 

Gold April reached a high of $1684.10 early morning (at New Zealand open). Silver march reached at high of $1879.50. Copper march fell to a low of $256.50. Crude oil fell to a low of $51.66. Early morning high (just after New Zealand open) can be fake or just stop loss hitting price moves. No doubt the trend for gold and silver is bullish. BUT still they have to break and trade over early morning high of $1684.10 and $1879.50 to rise another three percent.

The more the infections globally the more the pace of rise in gold price. Silver if it rises this week will have a long term technical breakout. Copper and crude oil will be very volatile. I am not so bullish on copper and crude for the next two weeks. However since copper and crude oil remained firm last week, one needs to be cautious in them.

South Korea, Iran and Italy are the new nations which are seeing travel bans. Soccer matches in Italy “Serie A” were postponed on Saturday and Sunday. There is no tourism damage to Italy now. Asian summer tourist season will begin on or after 17th March but the peak season is May. If the corona virus spreads in more European nations in the next one month, then European travel industry will be affected.

Aside from corona virus, economic data releases will need to be closely watched. Eurozone has not recovered from an economic recession. Corona virus will only delay the chances of an economic recovery. Central banks are just using tools of interest rate changes and increasing money supply. Bond yields in Eurozone are near zero. European central bank (ECB) has to move away from tried and tested monetary tools to something else to quicken the growth. Euro can fall more against the US dollar this week.

Gold investment demand will only rise. US dollar Index can break past 100. Gold jewelry demand in Asian will rise. More and more people will prefer to invest in physical gold as a hedge against a corona virus induced global economic collapse.

No one really knows the real damage the corona virus will do to global economy (apart from China). The way stocks markets have risen in February makes me believe that world does not considers China as an outsider. Stocks markets should now collapse as the virus is also in NATO nations. If stocks does not collapse this week, then a big asset bubble will be in the offing.

COMEX SILVER MARCH 2020 – current price $1867.70

·         Silver can rise to $1951.20 as long as it trades over $1829.80.

·         Sellers will be there below $1829.80.

Crude oil 19th March 2020: (previous day close/CMP Rs.3859.00)

·         Crude oil needs to trade over 3702 this week to rise to 3979.

·         Today sellers will be there as long as crude oil trades below 3775.

·         Watch 3775 all the time.

(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: Monday, 24 February 2020 | E-Mail  | Print  | Source: GoldSeek.com

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