China has been increasing gold reserves as a buffer to blackmail by USA and its allies on the global trade war front. Yesterday someone posted on Twitter that bank of England does not reveal the audit of gold reserves. There is no accountability of the Australian gold reserves held with the bank of England. My view is that Bank of England or the Federal Reserve will not give back the reserves held in its vaults by other central banks during the Pre worldwar2 era. Some of it have been utilized to ensure the supremacy of the US dollar. They might have to buy from the market if at all they are forced to repatriate the gold.
Trade war news
European Union says that it will retaliate if USA imposes tariffs on imported vehicles. EU will not buy American soy and LNG if USA imposed trade tariffs. Trade war news will not die down. They will be "sea calm". Gold has to rise.
If gold rises today, then chances of $1355 will be very high. If silver rises today, then chances of $1600 will be very high. Cautious optimism right now for gold and silver. One needs to trade very carefully in crude oil. Copper looks bullish.
COMEX GOLD APRIL 2019 - current price $1328.15
Bullish over $1334.60 with $1343.20 and $1354.60 as price target
Bearish below $1322.10 with $1311.60 and $1301.00 as price target.
Neutral Zone between: $1322.10-$1334.60
? Gold needs to trade over $1330-$1335 zone to rise further.
? Crash will be there if gold does not break $1335.
COMEX COPPER MARCH 2019 - current price $283.50
Bullish over $281.00 with $285.00 and $296.00 as price target
Bearish below $277.90 with $274.90 and $271.90 as price target
Neutral Zone between: $277.90-$281.00
? There will be another wave of rise if copper manages to break and trade over $286 to $291 and $296.
? Use a buy on dips strategy with a stop loss below $278.
HAPPY PROFITABLE TRADING
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
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NOTES TO THE ABOVE REPORT
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The analyses are based on closing price as per February 08, 2019. Maintaining proper stop loss is always recommended.
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