Metals Wrap Up Before we close: 11th July 2019

Insignia Consultants

New Delhi

Thursday, July 11, 2019

TIME: 21:22 pm IST                

METALS WRAP UP BEFORE WE CLOSE

I am asked by my clients “Why Did Gold fall or correct”? To me (a) US economic data released today does not suggest an aggressive pace of interest rate cut for the rest of the year. Traders have already factored in a 0.25% interest rate cut in Federal Reserve meeting at month end. There is some section which is looking for a 0.50% interest cut. (b) US dollar Index has not crashed. (c) Gold fundamentals are negative. Asia gold demand (including India and China) is slack. Retail jewelry demand is nearly absent.

Gold investment demand is rising and is one of the key factors contributing to the rise. Those who have not invested in gold are waiting for sharp correction to invest.

I will prefer to remain on the sidelines in silver and copper. Copper and crude oil if they are able to rise tomorrow till close will start another wave of rise next week. Storm and near war in the two Gulf’s have resulted in rise in crude oil price. I am not an investor in crude oil at current price. It is better to trade for intraday in crude oil.

MCX Lead July looks is bullish and looks headed for Rs.161 and more by tomorrow. MCX Zinc July have formed a short term bottom this week. MCX Nickel needs to trade over Rs.910 till Monday to start another wave of rise to Rs.969. Cautious optimism in Nickel.

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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. 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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