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Asian Metals Market Update: Sep 15, 2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 15 September 2016 | Print  | Disqus 

The direction of the US dollar will affect bullion. Gold and silver are still not out of the bear shadow. However one needs to look for signs of a trend reversal. Investor sentiment in gold and silver in Asia is getting bearish. Medium term gold investors in Asia (in my view) have postponed their gold investments on expectation of a sub $1000 after the US presidential elections. However I still expect gold and silver to restart another bull run after the FOMC meet next week. A December interest rate hike by the Federal Reserve has already been factored in by the markets. So any confirmation of a December interest rate hike will not cause a selloff in gold and silver.


US economic data releases start from today and will affect metals and energies. Some of you are long in crude oil between $46-$47. All I can say is that crude oil needs to trade over $41.60 till 23rd September to rise to $49.00. If crude oil trades below $41.60 after 23rd September, then chances of $36.60 and $31.90 will be very high by 18th October.


COMEX GOLD DECEMBER 2016 – current price $1327.30

Bullish over $1321.10 with $1336.10 and $1348.30 as price target

Bearish below $1317.60 with $1312.80 and $1307.60 as price target.

Neutral Zone between: $1317.60-$1321.10

  • There are two possibilities till next Thursday (a) Gold manages to trade over $1296 then it can rose to $1414 and $1476 in the short term (b) Gold does not break $1371 by next Thursday, then chances of a fall to $1286 and $1211 will be very high.
  • A daily close below $1319 today and tomorrow will be bearish for next week.
  • Right now gold either rises $15 or else it will fall $30.
  • Jobbers watch $1328 today.

MCX GOLD OCTOBER – prices in Indian rupees below

Key support is at 30840 with 31225 as key resistance. Big one wave moves will be there either on a fall below 30840 or on a break of 31225. One needs to remain on the sidelines today. However a sell off to 30660 and 30390 will be there in case gold does not break 31460 by tomorrow.

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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