-- Published: Wednesday, 22 April 2020 | Print | Disqus
The correction in gold is over. Continue with a buy on sharp dips strategy in silver. Look for signs of trend reversal in copper and crude oil.
Extreme leverage with crude oil is the key reason for crude oil and crude oil related stocks to fall. At the end of the day fundamentals are the key. Now you know the real price of crude oil. Now you know how much you were being duped for your petrol/gasoline price. Except for the end user, everyone loves higher crude oil prices. Nations like India love higher crude oil prices as it gives them more taxes. Taxes on energies will be increased more if crude oil price remain soft when world nears normal.
The bailout world over will be funded by the common man. Short term taxes like COVID taxes, COVID surcharge and COVID cesses will be imposed on all kinds of services and manufacturing. For example in India, (in future), I expect highway tolls to have a COVID cess, petrol/diesel to have COVID cess, Consumer durables to have COVID cess, there can even be a COVID surcharge on direct taxes among other ways to make up for the short fall in tax revenue. It is not just India, every nation will see some form of COVID taxes once world gets normal. The states will be taxing you heavily (in future) for the inefficient and defunct investment which states and large corporates make. It will be short term gains for the common man and long term apathy. An example will be your taxes have been bailing out corrupt banks every few years. The best way to get out of it is to save more and buy more physical gold and physical silver. Live frugal so that you can buy more physical gold and physical silver.
There is lot of noise among currency traders that euro/usd will reach parity soon. Gold will rise and continue to rise even if euro/usd reaches parity. Currency traders need to be careful on euro/usd longs.
COMEX GOLD JUNE 2020 – current price $1710.00
· Gold can rise to $1736 and $1766 as long as it trades over $1683.
· Sellers will be there below $1696 and crash below $1680.
· Take a chance and use a buy on sharp dips strategy with a stop loss below $1636 for end May. Target is infinity.
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
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: Wednesday, 22 April 2020 | E-Mail | Print | Source: GoldSeek.com