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Asian Metals Market Update: May-27-2020



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 27 May 2020 | Print  | Disqus 

Spot gold is higher than comex gold futures after a very long-term time. Silver, copper and crude oil will remain firm on demand outlook and mine supply pressure. Trend of all metals, energies and US dollar Index till 2nd June can be misleading. Trend between 3rd June to 17th June will be sustainable. COVID is getting less attention now. Focus is on jobs and economy. COVID infections once world starts to open after 15th June will be crucial.

I just hope the over optimism on global economy is justified. Job losses are there. Net job creation worldwide is still negative. World is just focused on job cuts in G7 nations. Everyone has ignored job cuts in Asia. Job cuts in Asia is just the beginning and is far from being topped out. Commercial real estate rental will big see a big decline in India and all over Asia. Work from home has resulted in large corporates preferring to use owned office space. They have given notice period for vacation of corporate premises. I am seeing this trend in Gurgaon and Bangalore in India. Net real disposable income of people worldwide in on a sharp decline. Free money is at a historical high. Sharp corrections in gold will be short lived. Sharp corrections in gold should be used to invest for the long term.

China is preparing for an armed war with India. China is preparing to unleash a trade war with the world. China is rightly angry over American interference in the internal matters of Hongkong. Nations are giving more and larger infrastructure projects to domestic companies. They are sidelining Chinese corporates as much as possible. Internal sentiment is anti-leadership among the masses for the communist leadership. Armed war, trade war and hyper nationalism is the only way to increase approval rating. The sum of all this is that gold investment demand will rise. Physical gold demand for retail investment will set a net rise every month for the rest of the year.

COMEX GOLD JUNE 2020 – current price $1695.20

·         Crash will be there if gold trades below $1693 today to $1675 and $1649.

·         Gold has to trade over $1690-$1700 zone till Friday to be in immediate bullish zone.

MCX GOLD AUGUST 2020 – current price Rs.46281

Key Intraday support: Rs.46109.

Key intraday resistance: Rs.46646.

·         There is a big support zone between 46036 and 46109.

·         Bearish case: MCX Gold August will crash only if it trades below 46036-46109 zone (till 1st June) to 45436.

·         Bullish case: If gold does not fall below 46036-46109 zone by 1st June, then it will rise to 47056 and 47466.

·         Trend is down at the moment.

(prices are 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

Follow us on Twitter @insigniaconsul1

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.

You can also mail your queries at insigniacommodity@gmail.com

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 -- Published: Wednesday, 27 May 2020 | E-Mail  | Print  | Source: GoldSeek.com

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