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Asian Metals Market Update: September-9-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 9 September 2016 | Print  | Disqus 

In spite and despite all the news etc, one should use sharp dips till the Federal Reserve meeting on 20-21 September to invest for the long term. Demand will start to pick up in silver and industrial metals as the month progresses. Factories will start making for Christmas and New Year end and also the great American Thanksgiving sales. Copper, Nickel and silver downside price risk will be limited. Zinc and lead have been outperformers however I have my doubts if they will continue their outperformer tag in the next quarter.


Today’s close is very important for all metals and energies. There is not much news at the moment. As far as gold is concerned I will be cautious as short term fundamentals are not that great. Long term investors need not worry. However in the short term gold will be very volatile as long as it does not break $1381.


COMEX SILVER DECEMBER 2016 – current price $1968.20

Bullish over $2009 with $2025 and $2078 as price target

Bearish below $1988 with $1955 and $1910 as price target

Neutral Zone between: $1988-$2009

  • Silver needs to trade over $1949 today to rise to $2010+
  • There will be sellers only if silver trades below $1949 either in the UK session or the US session.
  • Jobbers watch $1949 and $2009.

MCX SILVER DECEMBER 2016 – prices in Indian Rupees below

Key long term price to watch is at 46300. Silver needs to trade over 46300 for the rest of the month to rise to 47900 and 49300. There will be sellers only below 46300 and a big crash if silver does not break 47900 by 22nd September (after FOMC meet). However one should use any 1250-1500 fall (if any) to invest for the year end. Discounts over MCX will narrow with every price fall in the physical market. Today anything below 45800 is a good buying opportunity with a stop loss below 45400.


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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