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Asian Metals Market Update: Next Days Key for $1,900 Retest

The next three trading sessions till Thursday are the key for gold price. If gold rises (till Thursday close) then $1900 will be easily broken. There will be a five percent chance of $2000 by next week if the gold price is able to trade over the current price of $1841.

“You have been duped.” That’s all I can say for gold bulls. Every two months gold price has been crashing near comex future expiry. Last week of November 2020 and last week of January 2021 are the best example. Gold prices had crashed just before expiry of comex December 2020 futures. Gold prices have crashed just before expiry of comex gold February futures. If the past price trend is an indicator then gold price low of last week will not be broken for the next three weeks. I keep my fingers crossed.

Stimulus, bond yields, reflation trade and acceptance of bitcoin among corporates (after Tesla announced yesterday it will accept bitcoin for Tesla cars) will continue to hit headlines. Let me make it very clear Bitcoins will rise, this is just the beginning for bitcoin and crypto currencies. Bitcoin and crypto currencies will be a replacement to the global paper based currency system. Bitcoin/crypto currencies are not an alternative to gold.

Gold will continue to rise in the long term even if there are no bullish factors. There will be IFFs and BUTTs over gold price rise in the short term to medium term but long term (twelve months and more) gold price will continue to rise. (disclosure: Insignia Consultants gives paid trading advice on bitcoin/cryptos to clients other than Indian residents. We have been tracking bitcoin when it was $300.)

COMEX GOLD APRIL 2021 – current price $1840.80

  • Gold can rise to $1858.20 and $1876.20 as long as it trades over $1828-$1835 zone.
  • Gold will crash only if it does not break $1858.20 today.
  • Key support till Friday is at $1817.00

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