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Asian Metals Market Update: September-26-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 26 September 2016 | Print  | Disqus 

This is really a big week for gold, silver and copper. The recent range trade in them should be breached and a new range formed. Gold will break free from the $1300-$1370 range. Silver will break free from the $1850-$2050 range. Crude oil will break free from the $42.50-$49.50 range. A bad trade and you just might not be capable to trade for the rest of the year. A good trade will imply a Diwali in the shradh period. Please do not curse luck if you did a bad trade. Patience, instincts and timing will be the key to trade not just this week but also for the rest of the year.


Previously one of my clients was a compulsive daily trader. If by the evening he/she did not get an opportunity to trade, then he/she would (in my view) end up with a bad stomach. Slowly I tried to convince them to do away with this compulsive mentality to trade and wait for the right time to trade. Over a period of time, he/she is very happy as profits are there, the constant niggling thought to recover previous day losses are not there and confidence to trade and invest has increased multiple times.


A friend of mine (a jeweler by profession) was a compulsive day trader. At the end of every week, he used to give say over Rs.2 lac as brokerage and this net profit (after deducting brokerage) used to be between Rs.40,000 to Rs.1,00,000 with losses at times also. I do not believe that a correct way to trade. Some you might console yourself that there is a profit at the end of day. I believe that I am trading and taking risk to make more profit for myself than for the broking house. In my view every trader’s minimum profit should be double the brokerage given.


Traders will start taking positions for the next quarter as well as next week’s US September nonfarm payrolls. Intraday volatility will rise. One needs to trade very carefully. Technically gold and silver are looking bearish. There will be good selling pressure if gold and silver fall in London or New York.


COMEX GOLD DECEMBER 2016 – current price $1337.85

Bullish over $1343.60 with $1348.20 and $1354.20 as price target

Bearish below $1334.20 with $1328.60 and $1315.10 as price target.

Neutral Zone between: $1334.20-$1343.40

  • Gold can fall to $1323 and $1303 this week in case it does not break and trade over $1353.
  • There will be another wave of sell off if gold trades below $1333 today.
  • Jobbers watch $1337 today.

MCX GOLD DECEMBER 2016 – prices in indian rupees below

Failure to break 30900 this week will result in a fall to 30960 and 30660. The long term wider trading range is 30200-31525-32200. This range should be broken by 12th October and a new range will be formed. Trend is mildly bearish. One needs to wait before going long.


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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