-- Published: Monday, 23 March 2020 | Print | Disqus
There are two things which we all need to focus w.r.t to corona virus:
Positive: China could be corona "virus free" in the next two weeks to four weeks. This will be very bullish for crude oil demand and industrial metal demand.
Negative: One needs to closely watch the corona virus spreads in India, Pakistan, Bangladesh and Indonesia. These are world’s most densely populated zone with inadequate medical infrastructure to deal with even the daily disease, forget the corona virus. The next two weeks corona virus spread in these nations will be the key.
The Islamic fasting month of “Ramadan” or “Ramzan” as we call in India begins around 26th April. “Azaan” or daily five times day prayer will be rigoursly followed by Islamic people in the “Ramadan month” Even if one person is affected by corona virus and is undetected then the world will see another big wave of community spread of the corona virus.
Major Indian cities are under virtual lockdown. Stay at home. Stay safe. Increase your patience levels. Gold demand in India will be only under ETF or in electronic form. To the Indians and other nations which have a lock down, Buy far dated gold futures and far silver futures (assuming that your are physical gold/silver) on big crashes. Since you will not be able to buy physical gold and physical silver.
Gold and silver will rise even if the world becomes normal. Copper and industrial metals are all bearish. India, USA and most parts of the world (except China) are closing. Gold is trading below 100 day MA and 200 day MA.
THE NEED OF THE HOUR IS TO STAY SAFE. “JAAN HAI TO JAHAAN HAI” OR LIFE COMES FIRST REST IS SECONDARY.
COMEX GOLD APRIL 2020 – current price $1495.40
· Gold needs to trade over $1475-$1485 zone to rise to $1532 and $1565.
· Sellers will be there below $1485 and crash only below $1460.
NYMEX CRUDE OIL (April 2020) - current price $22.70
· Fundamentals are still bearish for crude oil.
· Crude oil will be a speculative play for a week.
· The next three days is very crucial for crude oil. If it fall till Wednesday then chances $13-$15 will be high. If not then chances of a long term bottom will be high.
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
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NOTES TO THE ABOVE REPORT
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-- Published: Monday, 23 March 2020 | E-Mail | Print | Source: GoldSeek.com