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Asian Metals Market Update: October-17-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 17 October 2016 | Print  | Disqus 

The direction of the US dollar and Asian demand will be the key for gold and silver this week. Sentiment for gold and silver is bearish. Technically gold and silver can move five percent either side anytime. However a crash (if any) in gold and silver should be used to invest for the very short term. A December interest rate hike has been factored in by the markets.


Crude oil is bullish and looks headed for $62 in the short term as long as it trades over $47.60. Naturally the star performer of last week need to trade over current prices to start another bull run. Sentiment for the cable is hyper bearish. I believe that the cable should see a long term bottom anytime in the next three weeks. A weak cable is good for the UK economy. All talks of the cable being banished from central bank reserves are rubbish and should be ignored. The Eurozone as a region is getting divided more and more. The Eurozone is just united on paper. Next year Germany and France current leadership face massive challenges. The UK pound is a much safer alternate to the euro in the long run. Further I do not foresee big terror threats to the UK as the UK is the funding hub of Islamic terror finance and Islamic radicals.


COMEX GOLD DECEMBER 2016 – current price $1253.90

Bullish over $1246.10 with $1263.30-$1269.70 and $1277.70 as price target

Bearish below $1242.10 with $1236.90 and $1227.60 as price target.

Neutral Zone between: $1242.10-$1246.10

  • Trade very carefully between $1245-$1265 zone. Today I will prefer to use any $25+ fall (if any) to buy with a stop loss below $1211.
  • At current prices better to remain on the sidelines.
  • Jobbers watch $1253 and $1265 today.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $50.17

Bullish over $50.10 with $52.20 and $53.60 as price target

Bearish below $49.40 with $48.60 and $47.10 as price target

  • Crude oil needs to trade over $49.30 today to $51.60 and $52.60
  • There will be sellers only below $49.60 or in case crude oil does not break $51.20 today.

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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