Astra Zenca has suspended covid vaccine trial. Traders and investors have been way ahead in discounting vaccine news. It is a buy on sharp dips strategy in gold and silver. Gold and silver can remain in correction mode for a few days to two weeks. But once again I will call them a correction and not a bear market rally.
Fools were chasing global stock markets. Stock had to correct. Liquidity pressures in the stock market resulted in a selloff in gold, silver and crude oil yesterday. Gold and silver price moves will be mainly dependent on the direction of US stock futures today and tomorrow. I expect today and till Friday. The selloff party in global stock markets will come to an end before the FOMC next week.
Brexit news and European central bank meeting (tomorrow) will shake the market. World might see the beginning of a short term currency war if the US dollar Index sinks and trades below 88 before the US presidential elections in November. The Bank of England, European central bank and bank of Japan will take corrective steps if their currency gains sharply against the US dollar in the next two months. Gold will be only winner is this cat and mouse currency game among central bankers.
Trend after the FOMC meet will be sustainable. Till then all prices in gold, silver, copper, crude oil and the US dollar Index will be fake or misleading. Investing in far dated crude oil call options is also a very sound investing strategy.
COMEX SILVER DECEMBER 2020 – current price $2684.50
- Silver needs to trade over $2550 till next week to rise to $3000.
- Silver will see a big crash if it trades below $2550.
NYMEX CRUDE OIL (October) - current price $36.32
- Crude oil needs to trade over $33.40 till future close to rise to $42.70.
- Massive crash will be there if crude oil trades below $33.40.
Insignia Consultants -- Web: www.insigniaconsultants.in
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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
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