-- Published: Tuesday, 31 March 2020 | Print | Disqus
Range bound trade in gold and silver will be broken by tomorrow and a new range will be formed. A new month and a new quarter high on economic optimism but low on confidence. Uncertainty on global economy and inability to prevent coronavirus spread has resulted in gold remaining firm and crude oil and industrial metals trading with a softer bias. Spot gold should have broken past $1700. By the second week of April spot gold should break past $1700.
Trading volumes in all commodity exchanges are less. Physical gold and physical silver are in short supply all over the world. Copper, crude oil and industrial metals should rise in April as China reopens fully. Chinese demand will be the key to industrial metals and energies.
The world will change once the coronavirus pandemic gets over. Consumers taste and preferences will change in a big way. Offices will get smaller as more and more corporates will prefer employees to work from home. Corporate travel will take a big hit. Corporate will prefer to use technology for real time business meetings and other things which currently involves travelling to another city. Commercial real estate will take a much longer time to recover than housing real estate. Digital money will take preference over cash. Cash or physical notes and physical coins will be history in the next five years. Physical gold and physical silver will be out of reach for most the people. Rearrange or shuffle your long term investment portfolio using your imagination of how the corona virus will change the world. Do share your ideas with us.
The real impact of the corona virus will be known only by June. All news and corporate resulted will be fudged. Look for hidden clues and dark particles in corporate quarterly result and annual result. Do not believe their forecast. The auditing concept of “going concern” will be fake in a large number of listed companies. Do not go by the auditors result. They get away by giving a disclaimer. Had auditors been efficient, banking scams which we are seeing in India would not have happened.
COMEX GOLD JUNE 2020 – current price $1636.20
· Gold needs to trade over $1620-$1630 zone today to rise to $1676 and more,
· Sellers will be there below $1630 and crash below $1617.
COMEX SILVER MAY 2020 – current price $1425.20
· Silver needs to trade over $1380-$1410 zone to rise to $1500 and $1600.
· Sellers will be there if silver trades below $1410 and crash below $1380.
NYMEX CRUDE OIL (April 2020) - current price $21.30
· Crude oil can rise to $25.20 by tomorrow as long as it trades over $18.70.
· Crash will be there only below $18.70.
COMEX COPPER MAY 2020 – current price $219.20
· Copper can rise to $230.10 as long as it trades over $210-$214 zone.
· Short sellers keep on booking profit as long as copper does not fall below $209.
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.
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 31 March 2020 | E-Mail | Print | Source: GoldSeek.com