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Asian Metals Market Update: July-13-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 13 July 2016 | Print  | Disqus 

The current fall in gold and silver is just due to profit taking which if it continues till Thursday will mark the beginning of a short term bearish phase. Buy stop losses will be triggered and/or hedges will be done if gold and silver fall today. Lack of bad news from the UK has resulted in the fall of gold and silver. Physical demand is absent. Global conditions have not changed only mild calm has returned to the financial markets. I expect that laggards will use sharp falls in gold and silver to invest for the long term.


Discounts on physical gold and silver will move into premiums with every decline. The social network and internet media which sways most of the retail investor decision is now bullish on long term prospects of gold and silver. (Unlike January of this year where everyone was hyper bearish on gold and silver). Gold and silver should see higher retail demand.


Japan is using the services of former Federal Reserve chief Ben Bernanke to get itself out of deflation. Bernanke is a big supporter of the free money regime and favors building up of asset bubbles. Most of the central bankers are in the same boat as Bernanke. I will prefer to use ten percent declines (if any) to invest for the long term in gold, silver and platinum.


COMEX SILVER SEPTEMBER 2016 – current price $2029.70

Bullish over $2055 with $2086-$2130 and $2182 as price target

Bearish below $2007 with $1968 & $1932 as price target

Neutral Zone between: $2007-$2055

  • Failure to break $2080 by Friday will result in a fall to $1910 and $1776.
  • Do not buy silver now. Wait for the UK open for a clear direction.
  •  Jobbers watch $2024 all the time.

MCX SILVER SEPTEMBER – previous day close Rs.47342

Silver needs to trade over 46800 today to rise 48200 and 48800. Three month price target is at 53113 and 57947. Long term bullish trend is intact. However corrections upto 44821 (if any) will be a part and parcel of a long term bull rally. Day traders in silver need to trade carefully.

(prices in Indian rupees above).

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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