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Asian Metals Market Update: October-7-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 7 October 2016 | Print  | Disqus 

All the good news on the US economy has been factored in by the markets. Only a number over 250,000 (without previous month downward revision) will result in gold and silver testing this year’s low. I still expect some pull back rallies today; thereafter it will depend on the ability to trade over key technical resistances.


Nonfarm possibilities

  • Numbers below 130,000: Gold and silver will restart another bull run with a ten percent rise in the short term.
  • Numbers around 170,000: Gold and silver will rise but rise will be dependent on the ability to trade over $1280 and $1740.
  • Numbers over 210,000: Gold and silver should crash but fall will be dependent on the ability to trade below $1236 and $1698.


Right now it is just the momentum. Long term investors use sharp dips to invest. Day traders and jobbers need to be careful. Technically one hundred percent retracement is over in gold and silver at yesterday’s low $1251.80 and $1712. Physical gold and silver demand in India should zoom bringing some festive cheer to the jeweler brothers (in an otherwise pathetic year demand wise).


COMEX SILVER DECEMBER 2016 – current price $1738.00

Bullish over $1745 with $17748-$1830-$1966 as price target

Bearish below $1707 with $1678-$1635 and $1576 as price target

Neutral Zone between: $1707-$1745

  • Silver can rise to $1840 and $1966+ as long as it trades over $1690-$1710 zone.
  • Big crash only below $1690. Trend is bearish to oversold. However short sellers need to be careful as long as silver does not fall below $1690.
  • Aggressive buying only if silver trades over $1740+ for the whole day.
  • Jobbers watch $1740 and $1710 all the time.

MCX GOLD DECEMBER – previous day close Rs.29575

Key support is at 29176. Gold needs to trade over 29176 today and next week to rise to 30200 and 31200. Big crash only below 29176. Momentum is bearish for gold. Jobbers buy only if it trades over 29725 stop loss 29590 for 29876-30200.

(prices in Indian rupees above).

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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