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Asian Metals Market Update: October-4-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 4 October 2016 | Print  | Disqus 

Gold and silver once again seem to be manipulated by the NATO central banks. The second era of global cold war has begun. USA and Russia have severed ties. Russia is making friends with more and more nations which were earlier the domicile of Americans. The best example is Russia trying to forge closer ties with Pakistan. The new president of Philippines wants to be friends with Russia and China and ignore the American dictats. Europe is in my view is just a few years away from a big civil war. American control of Europe is falling and will be negligible by the end of the decade. The Arab invasion of Europe is changing everything.


Changes in global society and new cartel among nations will ensure that gold moves away from then NATO manipulation. However it is difficult to tell the timeframe. Global central banks are ensuring that retail investors just get glued to interest rate factors and is one of the key reason why gold is falling. I have my doubts over sustainability of American hiring numbers. When it will seem that a top has been formed in American jobs creation gold and other safe havens will zoom.


Movement will be two way. Technically gold and silver are still bearish. Gold needs to trade over $1296 till Friday to be in a bullish zone. Silver needs to trade over $1830 for the rest of the month to prevent it from moving into a medium term bearish phase. Crude oil is at an infection point where it either breaks $53 in the next two weeks or it will breakdown to $37.60.


COMEX GOLD DECEMBER 2016 – current price $1311.40

Bullish over $1323.30 with $1327.10 and $1332.60 as price target

Bearish below $1316.60 with $1307.60 and $1287.00 as price target.

Neutral Zone between: $1316.60-$1323.30

  • Gold can fall to $1296.10 and $1271.10 in case it does not break $1333 by Friday.
  • Trend is bearish. But another wave of sell off if gold falls below $1307.
  • Jobbers watch $1307 and $1319 today.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $48.56

Bullish over $46.70 with $48.80 and $50.40 as price target

Bearish below $45.40 with $43.90 and $42.40 as price target

  • Crude oil can rise to $49.80 and $52.20 as long as it trades over $46.70
  • There will be sellers only below $47.40 or in case crude oil does not break $49 today.
  • A daily close over $48.70 today and tomorrow will be very bullish for crude oil.

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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