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Asian Metals Market Update: Sep 28, 2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 28 September 2016 | Print  | Disqus 

Unless demand picks up in India and China, gold and silver will not be able to get over the short term bearish phase. The rise in US consumer confidence numbers added to gold and silver woes. The US presidential election has also prevented short term inflows in gold and silver. To me the trend of gold and silver after the release of US September nonfarm payrolls on 7th October will be the key. I will still prefer to use all dips in gold and silver before 7th October to invest for the short term.


Key factors which will affect gold and silver in October are (a) US interest rate expectation (b) Indian festival demand (c) Ability of gold and silver to trade over $1280 and $1800.


Traders one and all are just focused in the short term. Long term things have not changed. Bullish long term trend is intact. However unless gold and silver does not attract short term hot investment, the long term potential investors will continue to invest elsewhere.



COMEX GOLD DECEMBER 2016 – current price $1328.85

Bullish over $1333.20 with $1337.60 and $1344.10 as price target

Bearish below $1327.60 with $1322.10 and $1309.60 as price target.

Neutral Zone between: $1327.60-$1333.20

  • Key support is at $1322.40. Trend is bearish. There will be another wave of selling if gold trades below $1322.40 to $1303.10
  • I am against buying unless trades over $1348 till Friday.
  • Jobbers watch $1327 today.

MCX GOLD DECEMBER 2016 – previous day close Rs.31094

Overall trend is bearish as long as gold trades below 31250 with 30773 as key support. Initial support is at 31086. There will be sellers only below 31086 to 30986 and 30773. I prefer to buy gold at 30700 today with a stop loss below 30630 for 31094.

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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