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Asian Metals Market Update: October-10-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 10 October 2016 | Print  | Disqus 

Just trade in the technical. Ignore the US presidential debate. Current US president Obama last few days antics won him a second term. So November trend will be the decider. People love politicians mudslinging each other in elections and that is what the media is feeding them. Physical gold and silver demand all over the world should zoom. Technically silver has a triple bottom at $17.10. Silver can rise to $2007 and $2276 in the short term if it manages to trade over $17.10 on daily closing basis. Gold needs to trade over $1233 for the rest of the month for another assault at $1341.


Cable plunged last week. A lot of people’s dreams evaporated last week as they lost money in cable longs. I have always considered cable as a widow maker. Trading in cable, nickel and silver are very dangerous. One makes small profits in them but loses his capital and even more than capital and sometimes his life on even one bad trade in a year. Bottom fishing never works, but with every fall in cable the risk to return ratio moves towards in favor of buyers. Technically the cable needs to trade over 1.2247 against the US dollar to continue its bullish run.


Moharram is the mourning period in Islam. No auspicious things are done or purchased during this period. Moharram ends Wednesday. I expect massive gold demand from Asia, the UK which has a sizeable hardcore and radicalized Islamic followers and Europe where Islamic migrants will rule the continent in the future. Either gold and silver have bottomed out or should form a medium term bottom by Wednesday. Invest in gold and silver in small amounts at current prices and increase your portfolio allocation on any five percent dip (if any). Diwali purchases of gold and silver should be preponed. “Karva Chauth” the  biggest gift giving festival in North India is there next week. Those husbands who intend to give jewelry as gift to their wives should purchase this week itself.


There will be sharp two way movement. Day traders and jobbers should make the most of the same. US markets are closed today. There are no major US economic data releases till tomorrow.


COMEX GOLD DECEMBER 2016 – current price $1261.65

Bullish over $1246.60 with $1270.60-$1282.30 and $1291.60 as price target

Bearish below $1235.70 with $1229.10 and $1214.80 as price target.

Neutral Zone between: $1235.70 and $1246.60

Jobbers aggressive buy over: Buy between $1230-$1235 stop loss $1209 for $1296 or buy over $1261.90 stop loss $1245.40 for $1291.90 and $1303.30

Jobbers sell below: Sell if gold does not break 1285 today with a stop loss over $1296 for $1210

  • Gold needs to trade over $1244 today and tomorrow to rise to $1291 and $1304.20
  • There will be a big crash only if it gold trades below $1244
  • Oversold conditions. I am against short selling. One needs to look for a bottom today.
  • Jobbers watch $1261 today.

MCX COPPER NOVEMBER – previous day close Rs.321.55

Copper needs to trade over Rs.317 this week to rise to $329.30 and $336.10. There will be a technical breakdown only if copper trades below 317 this week to 312.30 and 309.10. Medium term to long term copper prospects are bullish. One should use any 12-15 fall (if any) to invest for end November with a stop loss below 296 and a price target of 348. Jobbers today buy copper at 319 stop loss 314.90 for 326.

(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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