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Asian Metals Market Update: September-6-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 6 September 2016 | Print  | Disqus 

Holidays for the global markets are over. Trading volumes will slowly rise in currency markets as well as commodity markets. Initially it will be a technical trade. There is no big US economic data release for the next week. There will be a fight between gold/silver bulls and bears this month. Quarter end position squaring and rebuilding will increase volatility. The direction of the Japanese yen against the US dollar will be crucial for gold and silver. The Yen has weakened but is still below key medium term resistance of 107.30 (usd/jpy). Currency market impact on global portfolio allocation will be much more than previous months of the year.


The best way to trade is “Mauka dekho aur chakkha maro” (wait for the bad ball to hit the cricket six). Demand is there in Asia. Uncertainty over the pace of rise of gold and silver is preventing big purchases. Determination of the pace of the rise/fall of gold and silver will be the key to trading and not the actual price movement.


The G20 and other global forums are basically a photo-op for the people. There are cracks within the G20 or the NATO or the European Union. New leaders are less willing to be pawns for America. The tax verdict against Apple, Italy and other European Union members trying to defy sanctions against Russia, Closing of borders and accepting less Asian migrants than dictated by Merkel & Co are some the examples. The control power of the America is on the tortoise decline while the Chinese diplomats are everywhere. This situation is just the starting point as the world moves towards a feudalistic and barbaric society. We are living in a barbaric society. The Talibans, Islamic state (the creation of America/CIA) are barbarians. They surface anywhere and re start killing. These circumstances are forcing more and more people in Europe and America to start buying more physical gold.


COMEX SILVER DECEMBER 2016 – current price $1957.20

Bullish over $1910 with $1971 and $2043 as price target

Bearish below $1888 with $1861 and $1829 as price target

Neutral Zone between: $1888-$1910

  • Silver targets $1996 and $2043 as long as it trades over $1895
  • There will be sellers only below $1895 or in case silver does not break $1988 today.
  • Jobbers watch $1944 today.


There will be another wave of rise only if crude oil manages to trade over 3044 to 3105 and 3266. Initial support is at 2914. There will be sellers only below 2914 or in case crude oil does not break 3044 today. I am bullish on crude oil and will prefer to use any 150-200 fall (if any) to invest with a stop loss below 2550 and a price target between 3350-3500.

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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