Wednesday, October 24,
2018
TIME 7:19 AM
IST
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ASIAN METALS MARKET
UPDATE
Gold
and silver need to rise after tomorrow’s European central bank meeting and
Friday’s third quarter GDP numbers to zoom. I am against new short term
investment in gold unless trades over $1245.80 on Friday after the release of
US GDP numbers. Long term, gold is still an excellent investment even at
current price of $1235. Asian prices of gold is near an all-time high. Buyers
in Asia will wait for some correction if gold hints of a correction.
Trump
says wants a ten percent reduction in tax rates for the American middle class.
This will happen only if senate election results are known. Even the slightest
indication of this will result in US stock markets zooming and gold crashing as
more than expected interest rate hikes will be there next year. But for
interest rates all the factors are bullish for gold.
I
continue to remain bullish on silver for the long term. I become a laughing
stock when I tell my friends and family members to invest in silver. Silver
investing needs a patience. Silver has to a very small part of the long term
portfolio. I prefer to be a laughing stock rather than change my bullish view
on silver.
COMEX GOLD DECEMBER 2018 –
current price $1235.50
Bullish over $1223.30 with $1233.60 and $1238.10
as price target
Bearish below $1220.40 with $1217.00 and $1209.40
as price target.
Neutral Zone between: $1220.40-$1223.30
·
100% retracement is at
$1245.80. Another wave of rise will be there only over $1245.80.
·
Crash will be there if
gold does not break $1245.80 by Friday or gold falls below $1233.
MCX GOLD DECEMBER 2018 – previous day close Rs.32064.
· Bearish case: 100% retracement is at 32455. Gold can fall back
to 31584 and 31132 by next week in case it does not break 32455.
· Bullish case: A break of 32455 will trigger a rise to 33023 and
33346.
· I am against new investment in gold at current price and will
prefer to wait till Monday and then decide.
· Today small sell off will be there below 31991.
· Quick rise will be there over 32166.
(prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the
commentary, market information, and future direction of prices of specific
currencies, crypto 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. 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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