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Asian Metals Market Update: October-6-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 6 October 2016 | Print  | Disqus 

Deutsche Bank could be selling its gold to prevent bankruptcy. The German government has not commented on the bailout package. Weak technicals are further contributing to the fall in gold and silver. Fundamentals are weak for gold and silver for now.


Momentum is bearish for gold and silver. A below 160,000 US private ADP numbers failed to change the falling trend. The only hope for gold and silver will be that of Chinese mopping up surplus physical gold and silver next week (china is closed this week). Indian gold and silver demand should rise from next week.


The next three days till Monday is very crucial for gold and silver from a short term perspective. Nations will not complain as they always want a weak currency. There can be sharp pullback rallies. One needs to trade very carefully.


COMEX GOLD DECEMBER 2016 – current price $1267.85

Bullish over $1285.40 with $1307.60 and $1323.90 as price target

Bearish below $1261.10 with $1253.30-$1245.10 and $1236.70 as price target.

Neutral Zone between: $1261.10-$1285.40

  • Gold can fall to $1261 and $1249 as long as it trades below $1281.
  • There will be buyers only if gold trades over $1281 to $1289 and $1303.
  • Trade very carefully between $1255-$1270 zone specially

MCX SILVER DECEMBER 2016 – previous day close 42615

Silver needs to trade over 41852 till tomorrow to rise to 44000 and 46000. There will be another wave sell off only below 41852 to 40752 and 39597. Trend is bearish but short sellers need to be careful as long as silver manages to trade over 41852. Today I prefer to buy silver around 41300 with a stop loss below 39500 for tomorrow or jobbers buy silver if it trades over 42900 stop loss 42550 for 43300-43700. (A daily close below 42300 tomorrow will be very bearish for silver till Diwali). One should start investing in physical silver for the long term in small amounts.

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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