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Asian Metals Market Update: September-5-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 5 September 2016 | Print  | Disqus 

Ganpati Bappa Moriya (Happy Ganesh Chaturthi)

Irrespective of the US economic data releases, gold and silver have yet to break $1380 and $2300. They have managed to trade over key long term supports of $1286 and $1676. This year the UK exit from the European Union and US interest rates have been the key drivers for gold. Central bank buying increases/decreases have not affected gold and silver last year nor this year. US presidential election fever will rise as the month progresses. The real media battle between Trump and Clinton will begin now. Voters as usual have a very short memory. The filthy US media is ready with armor to brain wash the voters.


The trend of gold and silver till March of next year will dictate the current price trend. Asian demand has to rise; else prices rise will not be sustained. The X factor for gold and silver could be geopolitical risk positively affecting bullion. The two key factors (a) Effects of Islamic migrants on European society and American Society (b) US trying to covert the South China Sea into another Persian gulf, should have positively impacted bullion but so far have had a negligent impact. Unless gold and silver shed its short term obsession with US interest rates, the pace of rise will be slow (as most bullish forecasters including myself predict). Rather obsession with US interest rates can scare some of the short term investors as it causes blips of volatility and long periods of price consolidation.


For any investment to attract the herd type of mentality, long term trend to medium term trend should be very bullish along with very high short term volatility. Quick buck scenario in the short term along with excess media hype can result in even a lame duck investment to zoom and defying all fundamentals. Right now gold and silver do not have the above features. They are in a period of foundation building to restart the rise.


Day traders need to remain on the sidelines.



COMEX GOLD DECEMBER 2016 – current price $1328.00

Bullish over $1319.70 with $1337.40 and $1354.30 as price target

Bearish below $1313.10 with $1309 and $1301 as price target.

Neutral Zone between: $131310-$1319.70

  • Gold can rise to $1354 and $1384 as long as it trades over $1312
  • There will be sellers only below $1312

MCX GOLD OCTOBER – prices in Indian Rupees below

There is a triple bottom around 30550. Gold can rise to 31453-31937 and 32455 in the short term as long as it trades over 30550. Big crash only below 30550. However today gold needs to trade over 31068 to continue its intraday bullish zone.

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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