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Asian Metals Market Update: June-2-2020



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 2 June 2020 | Print  | Disqus 

Gold and silver will remain firm on developments in USA. Copper is on the verge of a big technical breakout. Crude oil is bullish. OPEC has decided to continue with production cuts. If India had faced a similar mass arson then global leaders would have condemned India with “secularism is at risk” slogan. The arsonists would have been divided between religion, caste and creed. USA’s NATO allies adopts double standards. Trump and all American politicians should have been ripped apart for the deft handling of arsonist and racism in USA. Gold and silver will trade with an overall bullish bias till the USA presidential elections. #blacklivesmatter and other forms of mass unrest will affect every country and not limited to USA. It will spread the way #yellowvestprotestors have spread its wings all over Eurozone and even in UK.

Gold investment demand will rise with every passing week. China and its relationship with the rest of the world will be positive for gold. China worsening relations with most nations should continue for a year. A new president in USA will not bring any long term positive change on NATO-China trade relations. It is still the right time to convert all your long term cash savings into gold. Gold at $1740 is cheap.

Corrections or profit booking in gold can be there before the release of US May private ADP jobs numbers. Use the correction to go long with a stop loss below $1695 for spot gold.

COMEX SILVER JULY 2020 – current price $1876.20

·         Silver can rise to $1998 today as long as it trades over $1845.

·         Corrections upto $1830 (if any) should be used to go long.

MCX SILVER JULY 2020 – current price Rs.50587

·         Silver needs to trade over 49613 today to rise to 51918.

·         Silver needs to trade over 49613 to be in short term bearish trend.

(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

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

Chat Id: telegram/whatsapp 9311139549

              (9:30 am to 9:30 pm Indian time, Monday to Saturday) 


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 -- Published: Tuesday, 2 June 2020 | E-Mail  | Print  | Source: GoldSeek.com

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