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Asian Metals Market Update: October-18-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 18 October 2016 | Print  | Disqus 


Traders and investors are reluctant to go long over apprehensions of a quicker than expected interest rate hike by the Federal Reserve. If Trump becomes the US president, then US interest rates projections will be reworked. There will be chopping and churning of US treasury benches. If Clinton wins, there will be policy continuity with monthly jobs numbers dictating the trend. NATO wars, migrants problems and all other bullion positive factors have failed to have any impact so it is better if we ignore the same in the short term.


There is a possibility that gold and silver might have formed a short term bottom. There should be a small spike and there after further moves will be dependent on the ability to break key resistances. Mild weakness in the US dollar has also supported bullion. Jewelry markets in different parts of India have not lived up to the festive hype. There is demand but nowhere near to be called a festival demand. Fear of taxmen has also dented India’s gold jewelry demand.


Short term fundamental weakness is still there for gold and silver. Long term outlook is still bright. Long term traders need to have big patience as prices are not rising. Industrial metals have been outperformers this year and will attract investment demand on dips. Copper has been a laggard. However copper and nickel are my investment picks for 2017.


COMEX SILVER DECEMBER 2016 – current price $1762.70

Bullish over $1733 with $1783.10-$1806-$1847 as price target

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

Neutral Zone between: $1707-$1733

Jobbers aggressive buy over: Buy at $1688 stop loss $1612 for $1966 or buy over $1771 stop loss $1757 for $1808

Jobbers sell below: I am against selling silver unless it trades below $1698 for the rest of the week.

  • Silver looks marginally bullish and can rise to $1847 as long as it trades over $1717.
  • Big crash only below $1717.
  • A daily close over $1771 today will be bullish for silver for the rest of the month.

MCX SILVER DECEMBER – previous day close Rs.41871

Today Silver can rise to 42446 and 443458 as long as it trades over 41315. Key long term support is at 39400. As long as silver trades over 39400 there is still a chance of a rise back to 48000 and 50300.

(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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