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Asian Metals Market Update: September-8-2016



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 8 September 2016 | Print  | Disqus 

Gold and silver either break $1380 and $2070 by Monday or else they will fall back to $1303 and $1840. There will be nothing in between. Retail demand in India is not much on expectation of more price correction. Silver prices were trading at a discount to MCX silver December futures yesterday reflecting lack of demand. One needs to remain on the sidelines. However a daily close over $1341 today and tomorrow should be bullish for gold for the rest of the month.

 

There is no news at the moment. News will dictate metals markets and currency markets. Historically the big bull rallies in gold and silver have always started after the September Federal Reserve meetings. The next big event will be the FOMC meet. I do not foresee the European central bank and the bank of England meeting causing any trend reversals in currency markets or metals markets.

 

MCX GOLD OCTOBER – prices in Indian rupees.

Failure of gold to break 31650-31850 by Monday will result in a fall to 30800 and 30400 first and then the rise. Today gold needs to trade over 31160 to rise to 31650. There will be sellers only if gold does not break 31650.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $46.33

Bullish over $45.10 with $48.80 and $50.10 as price target

Bearish below $44.30 with $43.10 and $41.70 as price target

Jobbers buy over: Buy at $45.10 stop loss $44.30 for $48.00

Jobbers sell below: Sell at $48.60 stop loss $49.40 for $43.30

  • Once again crude oil targets $52-$56 zone as long as it trades over $42-$44 zone.
  • Trade very carefully between $48.50-$50.50 zone.
  • Jobbers watch $46.40 all the time.

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 7pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

Customer care: 9311139549

You can also mail your queries at ‘s

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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 -- Published: Thursday, 8 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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